The term 'Imprest System' is related to: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
In the absence of a Partnership Deed, what is the rate of interest on capital provided to partners?
Correct Answer: Option B
Explanation:
According to the Indian Partnership Act, 1932, if there is no deed, no interest on capital is allowed to any partner.
According to the Indian Partnership Act, 1932, if there is no deed, no interest on capital is allowed to any partner.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
Under the single entry system, if Closing Capital is Rs 50,000, Opening Capital is Rs 30,000, and Drawings are Rs 10,000, what is the profit?
Correct Answer: Option D
Explanation:
Profit = Closing Capital + Drawings - Opening Capital = 50,000 + 10,000 - 30,000 = Rs 30,000.
Profit = Closing Capital + Drawings - Opening Capital = 50,000 + 10,000 - 30,000 = Rs 30,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
Input Tax Credit under GST is available only if:
Correct Answer: Option B
Explanation:
ITC can be claimed only if the invoice details are reflected in the recipient's GSTR-2B.
ITC can be claimed only if the invoice details are reflected in the recipient's GSTR-2B.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!