The term 'Imprest Money' is related to: MCQ with Answer and Explanation

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The term 'Imprest Money' is related to:

A. Petty cash

B. Overdraft

C. Fixed deposit

D. Cash credit

Answer: Option A

Solution (By JKSSB Mock Tests)

Imprest system is used to maintain petty cash.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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A 'Debenture Redemption Reserve' is required to be created as per:

A. Companies Act, 2013

B. Income Tax Act

C. GST Act

D. SEBI regulations

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Correct Answer: Option A

Explanation:
Companies Act 2013 requires creation of Debenture Redemption Reserve for debentures issued.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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The 'Accounting Equation' remains intact under:

A. Double entry system

B. Single entry only

C. All systems

D. Cash system

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Correct Answer: Option A

Explanation:
Double entry system always maintains the balance of accounting equation. Single entry does not.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

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The 'Insolvency and Bankruptcy Code' (IBC) 2016 provides:

A. Audit procedures

B. For winding up of companies only

C. Time-bound resolution of insolvency and bankruptcy

D. Tax collection

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Correct Answer: Option C

Explanation:
IBC aims at resolution in a time-bound manner, maximising asset value.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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