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- 1. Multiple Choice
A Petty Cash Fund is set up
as a backup to the Cash at Bank account
so that when the cash registger is low in funds, the employee can take money from the Petty Cash Fund
in order to make payments that are too small to need an individual cheque to be written
as a form of control over the cash at bank account
- 2. Multiple Choice
The person who is responsible for the Petty Cash is called the
Petty Cash Voucher
Administrative Assistant
Perry Cash Assistant
Petty Cashier
- 3. Multiple Choice
The Petty Cash Voucher is
Used instead of a cheque for small payments
The documentary evidence that a petty cash payment has been made
Is the document taken and presented for payment for small amounts ie milk
A numbered document used to record the balance of the Petty Cash Fund
- 4. Multiple Choice
The Petty Cash Book is the summary of the Petty Cash Vouchers.
True
False
- 5. Multiple Choice
The method for controlling and recording the petty cash is called the
Petty Cash Book
Cash Payments Journal
Cash Book System
Imprest System
- 6. Multiple Choice
The three steps involved in the Imprest System ar:
Establish the Fund, Record the Petty Cash Payments and Reimburse the Fund
Establish the Fund, Prepare Voucher, Reimburse the Fund
Write the Cheque, Prepare the Vouchers, Record the Petty Cash in the Petty Cash Book
Establish the Fund, Record the Petty Cash Transaction in the Petty Cash Book, Repay the employee for the costs.
- 7. Multiple Choice
The Petty Cash Voucher is a prenumbered source document.
True
False
- 8. Multiple Choice
The Petty Cash Book
Records the Receipts for items purchased
Summaries the Petty Cash Vouchers
Summarises the Petty Cash Imprest System
Records the cheques for small payments
- 9. Multiple Choice
The Petty Cash Book is balanced
Weekly
Fortnightly
Monthly
Any of the above
- 10. Multiple Choice
A reimbursement cheque is used to replenish the fund back to its original Pett Cash amount?
True
False
- 11. Multiple Choice
The Petty Cash Reimbursement Cheque is equal to the sume of the payments made plus the initial Petty Cash balance
True
False
- 12. Multiple Choice
The Petty Cash payments total should equal the sum of the Analysis of Expenditure
True
False
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