Petty Cash Book

What the purpose the petty cash book?

• To keep record of the major expenses of business

• To keep record of petty expenses of the business.

• To keep record of the debtors who make payments of small amounts.

• To access the amount of cash left in the business

What is the source document of the petty cash book?

• check voucher

• cash receipts

• sales invoice

• cash voucher

Who is in charge of the petty cash book?

• senior accountant

• junior accountant

• manager

• treasurer

What is petty cash float.?

• the total amount of cash used to meet the needs of the business

• the total amount of cash used to meet the needs of the accountant

• the total amount of cash used to meet the needs of the petty cashier

When should the petty cash fund be replenished?

• At the end of each day
  

• 
  b) At the end of each week
  

• When it reaches a predetermined limit
  

• Only when requested by management

1. What is the recommended method for controlling petty cash expenses?
   

• 1. Allowing employees to access the petty cash fund directly
     

• 1. Requiring multiple signatures on petty cash vouchers
     

• 1. Keeping the petty cash fund in an unlocked drawer
     

• 1. Ignoring petty cash expenses and focusing on larger transactions