Quiz on Petty Cash Guidelines and Procedures

According to Section 35a, Chapter 6 of the Government Accounting Manual (GAM) for National Government Agencies (NGAs), what is one of the accounting policies regarding cash advance for Petty Cash Fund (PCF)?

• The fund can be used for payment of regular expenses such as rentals and subscriptions.

• The fund can be used for purchasing office supplies for stock purposes.

• The fund shall not be used for payment of regular expenses such as rentals and subscriptions.

• The fund shall be used for any type of expenses without restrictions.

What is the maximum amount allowed for each transaction when making payments out of the Petty Cash Fund (PCF) according to the Government Accounting Manual (GAM) for NGAs?

• ₽20,000

• ₽15,000

• ₽25,000

• ₽10,000

What is the consequence of splitting transactions to avoid exceeding the ceiling amount when using the Petty Cash Fund (PCF)?

• It is recommended to split transactions for better tracking.

• It is prohibited and not allowed.

• It is a common practice to manage expenses effectively.

• It is allowed as long as the total amount does not exceed the limit.

Who is responsible for preparing the Report on Paid Petty Cash Vouchers (RPPCV) and maintaining the Petty Cash Fund Record (PCFR) to monitor and control the petty cash fund?

• Accounting Division/Unit

• Requesting Personnel

• Petty Cash Fund Custodian

• Immediate Supervisor

What is the primary responsibility of the Petty Cash Fund Custodian when receiving a Petty Cash Voucher (PCV) from the Requesting Personnel?

• Fill up Box II of the PCV with personal information.

• Encash the check immediately.

• File the original PCV awaiting liquidation.

• Return the PCV to the Requesting Personnel.

Answer explanation

The primary responsibility of the Petty Cash Fund Custodian when receiving a Petty Cash Voucher (PCV) from the Requesting Personnel is to file the original PCV awaiting liquidation.

What is the requirement for replenishing the Petty Cash Fund (PCF) according to the Government Accounting Manual (GAM) for NGAs?

• Replenish as soon as disbursements reach at least 75%.

• Replenish as soon as disbursements reach at least 50%.

• Replenish only at the end of the year.

• Replenish only when the fund is completely empty.

Answer explanation

Replenish as soon as disbursements reach at least 75%.

What is the purpose of the Waste Materials Report (WMR) in the liquidation process of the Petty Cash Fund (PCF)?

• To report any waste materials in case of replacement or repair.

• To document the purchase of new equipment.

• To request reimbursement for damaged items.

• To track the disposal of unused office supplies.

Who is responsible for checking the completeness and accuracy of documents such as the date, amount, and nature of expenses paid when liquidating the Petty Cash Fund (PCF)?

• Petty Cash Fund Custodian

• Accounting Division/Unit

• Requesting Personnel

• Immediate Supervisor

Who is responsible for verifying the accuracy of the Petty Cash Voucher (PCV) details before processing the payment?

• Accounting Division/Unit

• Petty Cash Fund Custodian

• Requesting Personnel

• Immediate Supervisor

What is the primary purpose of the Petty Cash Fund Record (PCFR) in the management of the Petty Cash Fund (PCF)?

• To track the disbursements and receipts of the PCF.

• To request additional funds for the PCF.

• To estimate the petty operating expenses for one month.

• To summarize the expenses paid from the PCF.