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. Sales Ledger

D. Petty Cash Book

Answer: Option D

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 'Transfer Price' in cost accounting for internal transfers is:

A. Market price only

B. Price at which goods/services are transferred between divisions of the same company

C. Cost plus fixed profit

D. Government regulated price

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Correct Answer: Option B

Explanation:
Transfer price is the value placed on internal transfers between responsibility centres.

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Question #2

The threshold limit for paying Advance Tax is when the estimated tax liability for the year is:

A. Rs 10,000 or more

B. Rs 5,000 or more

C. Rs 20,000 or more

D. Rs 50,000 or more

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Correct Answer: Option A

Explanation:
If the estimated tax liability (after TDS) exceeds Rs 10,000, the taxpayer is obligated to pay advance tax in installments.

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

Question #3

Social Accounting in India is mostly used by:

A. Small traders

B. Households

C. Manufacturing companies

D. Public sector enterprises

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Correct Answer: Option D

Explanation:
Public sector enterprises and large corporations often prepare social accounting statements to show their contribution to social objectives.

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

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