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WorksheetsCMCS-Session 4: Exercise 4-D
Total questions: 10
Worksheet time: 3mins
The two types of regular cash advance are for payroll and travel.
Yes
No
Petty cash funds can be used to pay for rentals and subscriptions of newspapers.
Yes
No
The amount of cash advance for travel should be equal to the amount in the itinerary of travel.
Yes
No
Cash advance is considered fully liquidated upon submission of the liquidation documents to the accountant.
Yes
No
Special purpose must be liquidated every tenth day of the month.
Yes
No
Whenever a cash advance is subjected to cash examination by auditors, any money taken from the accountable officer supported merely by chits and forms of IOUs shall not be considered valid disbursement.
Yes
No
The AO shall maintain separate cashbooks for each type of cash advance.
Yes
No
Each accountable officer with a total cash accountability of P5,000.00 or more shall be bonded.
Yes
No
When a cash advances is obtained for travel expenses, the employee must apply for a fidelity bond.
Yes
No
Liquidation of cash advance should only be made when a demand letter is received from the auditor.
Yes
No
