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

Question
The term 'Imprest System' is related to:
A. Petty cash book
B. Sales book
C. Cash book
D. Purchase book
Answer: Option A
Solution (By JKSSB Mock Tests)
Under imprest system, a fixed amount of petty cash is maintained and reimbursed periodically.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In a partnership, 'Profit and Loss Appropriation Account' is a part of:
A. Balance Sheet
B. Profit and Loss Account
C. Double entry system, prepared after P&L Account
D. Trading Account
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Correct Answer: Option C

Explanation:
It is prepared after determining net profit to show its distribution among partners.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The maximum rate of IGST under GST Act can be:
A. 28%
B. 20%
C. 40%
D. 14%
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Correct Answer: Option C

Explanation:
IGST rate is the sum of CGST and SGST rates; since CGST/SGST can go up to 20% each, IGST can be up to 40%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The audit conducted continuously throughout the year is known as:
A. Continuous Audit
B. Annual Audit
C. Statutory Audit
D. Management Audit
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Correct Answer: Option A

Explanation:
A continuous audit involves the auditor visiting the client regularly throughout the financial year, ideal for large organizations with voluminous transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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