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Chief Emeka is considering setting up a petty cash book from which to pay small expenses. However, he is not sure of how a petty cash book operates.
Required:
Explain to Chief Emeka the operation of a petty cash book. (6 Marks)
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The following explains the imprest system of operating petty cash, EXCEPT:
A. Weekly expenditure cannot exceed a set amount
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
C. The petty cashier collects revenue on behalf of the organization
D. A petty cashier receives cash, makes expenses of relatively small amounts, and maintains records for the transactions
E. Regular equal amounts of cash are transferred into petty cash at regular intervals
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What is an imprest system?
A. Records of the use of an entity’s resources
B. It is part of computerised accounting
C. A system where an accountant pays for expenses, maintains and provides records of the expenses at a regular interval
D. Helps to control petty cash by making available a fixed amount of money at a regular interval
E. Helps to reconcile the cash book with the bank statement
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Chief Emeka is considering setting up a petty cash book from which to pay small expenses. However, he is not sure of how a petty cash book operates.
Required:
Explain to Chief Emeka the operation of a petty cash book. (6 Marks)
Find Related Questions by Tags, levels, etc.
The following explains the imprest system of operating petty cash, EXCEPT:
A. Weekly expenditure cannot exceed a set amount
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
C. The petty cashier collects revenue on behalf of the organization
D. A petty cashier receives cash, makes expenses of relatively small amounts, and maintains records for the transactions
E. Regular equal amounts of cash are transferred into petty cash at regular intervals
Find Related Questions by Tags, levels, etc.
What is an imprest system?
A. Records of the use of an entity’s resources
B. It is part of computerised accounting
C. A system where an accountant pays for expenses, maintains and provides records of the expenses at a regular interval
D. Helps to control petty cash by making available a fixed amount of money at a regular interval
E. Helps to reconcile the cash book with the bank statement
Find Related Questions by Tags, levels, etc.
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