Under the imprest system of petty cash, the petty cashier is reimbursed with: MCQ with Answer and Explanation

Question

Share Report Error

Under the imprest system of petty cash, the petty cashier is reimbursed with:

A. Ten percent of total cash sales

B. Half of the original float

C. A fixed arbitrary amount every week

D. The exact amount spent during the period

Answer: Option D

Solution (By JKSSB Mock Tests)

In the imprest system, the chief cashier reimburses the petty cashier the exact amount disbursed so the float returns to its original fixed amount.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

In the context of PFMS, the 'Public Accounts Committee' (PAC) examines:

A. The monetary policy of the RBI

B. The appropriation accounts and the audit reports of the CAG

C. The annual budget estimates

D. The tax collection policies

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The Public Accounts Committee (PAC) of the Parliament examines the appropriation accounts (showing how grants were spent) and the audit reports submitted by the Comptroller and Auditor General (CAG).

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

Question #2

The 'Redemption of Preference Shares' can be made out of:

A. Fresh issue of shares

B. Profits available for distribution

C. Both A and B

D. Capital reserve

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Redemption can be out of profits or proceeds of fresh issue.

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

Question #3

If a partner's capital account shows a debit balance at the end, it means:

A. Partner has withdrawn less

B. Partner has made profit

C. The partner owes money to the firm

D. The firm owes money to the partner

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
A debit balance in a partner's capital (current) account indicates a net debit, i.e., the partner is indebted to the firm.

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

Explore All Accountancy and Book Keeping MCQs