Which of the following is typically maintained using the imprest system? MCQ with Answer and Explanation

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Which of the following is typically maintained using the imprest system?

A. Main Cash Book

B. Purchase Day Book

C. Petty Cash Book

D. Sales Ledger

Answer: Option C

Solution (By JKSSB Mock Tests)

The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.

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

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Question #1

The 'Hedge Accounting' under Ind AS 109:

A. Only for foreign exchange

B. Only for derivatives

C. Aligns accounting with risk management activities, with three types: fair value, cash flow, net investment

D. Is prohibited

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Correct Answer: Option C

Explanation:
Ind AS 109 provides hedge accounting models.

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

Question #2

Under 'Ind AS 37', a provision is recognised for:

A. Repairs and maintenance

B. Self-insurance

C. A present obligation from a past event, where outflow of resources is probable and can be reliably estimated

D. All future operating losses

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Correct Answer: Option C

Explanation:
Provision recognition criteria: present obligation, probable outflow, reliable estimate.

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

Question #3

The 'GST Compensation to States' is for a period of:

A. Indefinite

B. 10 years

C. 3 years

D. 5 years

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Correct Answer: Option D

Explanation:
Compensation to states for revenue loss was guaranteed for 5 years from GST implementation (2017-2022).

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

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