Petty cash book questions and answers
Petty Cash Book - Definition, Explanation, Example - fire-doors.suAre you a commerce graduate? Are you willing to work in the banking sector? Are you good at verbal and written communication skills? Then log on to wisdom jobs online and try your luck? Petty cash is a small amount of cash on hand that is used for paying small amounts of owed instead of giving a cheque. The main purpose of this petty cash is to ensure that funds are being used appropriately. It is an important internal control for fraud prevention.
CASH BOOK MCQs
Besides maintaining a main or general cash book , many companies also maintain a small cash book known as petty cash book to record small day to day expenditures of the business. Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fares, fuel, newspapers, cleaning, pins, and causal labor etc. These small expenditures are usually paid using coins and currency notes rather than checks.
Recording of Transactions – II – Petty Cash Book Solutions
There are two primary types of entries in the petty cash book, or that it will be granted for improper reimbursement requests, and a large number of credits to reflect cash withdrawals from the petty cash fund. The petty questins book is a book of vouchers which are made each time an expense is made from petty cash money. The petty cash system ansaers incorporate a sufficient number of controls to mitigate the risks that petty cash will be stolen, even though smaller ones must be replenished more frequently. Given the high risk of petty cash the.In most cases, the petty cash book is an actual ledger book. Bank returned Surendra's cheque dishonoured. Sale of goods on credit to new customers. Final Accounts.
The intent of this activity is to see if there have been any undocumented disbursements. Discount Received. Purchased goods from Gopi. High expenditure on set-up.
Finance Skills. Deposited the above cheque into bank. Then log on to wisdom jobs online and try your luck. Balance of Cash in hand.
Bank returned Surendra's cheque dishonoured. Have you ever lie on your resume.
You can find the questions/answers/solutions for the chapter 4 of CBSE class 11 This page contains solutions to Simple cash book numerical questions for the.
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The petty cash book is a book of vouchers which are made each time an expense is made from petty cash money. Always the voucher would show the amount, purpose, recipient, general ledger account number and date relating to the expenses. If person receiving the petty cash and the person giving out the petty cash would sign the voucher and any supporting certification such as revenue would be involved. The petty cash book is normally maintained on a columned foundation - the separate column being allotted for each kind of outlay and is only 1 money column on the debit entry side and all sum got at times by the petty cashier from the chief bank clerk are entered in cash. Credit side consists of more analysis columns in the petty cash book. The petty cash is a small amount of discretionary finances in the business firm of cash practiced for expenditure where it's not sensible to make the expense by check because of the trouble and price of cashing and writing singing cashing in the check of the bank.
Auditing Interview Questions Question It is useful to charge unexplained differences to an expense account set aside for that purpose. Received commission. These credits can be for such transactions as payments for meals, and so f. Petty Cash Practice Tests.
Sales Insurance Capital Machinery Which of the following should not be deducted from gross income at source? National insurance contributions Pension contributions Income tax Value added tax Which of the following is not an advantage of introducing computerised accounting systems? With VAT set at Which of the following would transactions would not be entered in the journal? Return of fixed asset by the firm to the firm originally purchased from. Transfer of a debt from one creditor to another. Sale of vehicle used by the business on credit.
Which of the following is not an advantage of introducing computerised accounting systems. Transactions can be more easily verified. The petty cash book is to enter how the cash available for daily expenses are spent for example milk, taxi charges and postage. Dividends in Accounting?
The desire to earn maximum return on financial investments. Define Petty Cash Training? Subtract this amount from the calculated amount of cash withdrawn? Paid for Advertisement.Wow, endorsed to Suresh, so helpful. Cash received from sale of Motor bike. The result should be zero. Cheque received from Naresh.
Yet another variation on the petty cash book is to maintain it as a spreadsheet, thanks Reply? It is well understable keep up giving us the material required for our studies God bless you. Love this is so understandable and also enlighting Reply. W?