Accounting (Yew Fung)

What is a petty cash book?

• Analyze trading result

• Enter transaction in the ledger

• It records low-value cash payments

• Prepares your year end financial payment

What is the advantage of the imprest system of the petty cash?

• Petty cash expenditure can be controlled

• Petty vouchers are not required

• It ensures that fraud cannot take place

• The amount reimbursed is the same each month

How much was the capital expenditure?

• $8050

• $8180

• $8230

• $8360

On 1 June, Samir sold goods on credit to Faisal. Some of the goods were returned on 8 June. In what order would Samir and Faisal exchange documents in June?

• Debit note, credit note, invoice

• Invoice, credit note, debit note

• invoice, debit note, credit note

• Credit note, debut note, invoice

A petty cash book has an imprest amount of $100 which is restored on the last day of each month. During August, the petty cash payments totalled $86. A loan from petty cash, $20 to a member off staff in July was repaid on 29 August. The imprest was restored on 31 August.

How much was shown for petty cash in the statement of financial position prepare at close of business on 31 August?

• $14

• $66

• $100

• $34

What is the name of the document that summarises the customer's transaction for the month

• Statement of account

• Debit note

• Credit note

• Invoice

• $37

• $26

• $94

• $84

What expenses for an accounting period must be matched against?

• Income received in advance

• A prepayment amount

• Income of the particular period

• Statement of an accrued expenses

Fred keeps a petty cash book on the imprest system with an imprest of $200. The book is balanced monthly and the imprest is restored on the first day of the following month.

Fred’s petty cash expenses for June totalled $175.

Which entries record restoration of the imprest on 1 July?

• A

• B

• C

• D

Machinery which had cost $6290 was sold for $3100. The disposal account showed a profit on disposal of $584.

How much was the depreciation up to the date of disposal and on which side of the disposal account was it recorded?

• $2606 on the credit side

• $2606 on the debit side

• $3774 on the credit side

• $3774 on the debit side