Practice Test | Kullabs.com
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  • The petty cashier is given a certain amount of cash for meeting petty expenses under ______.

    ordinary system of petty cash fund
    special syste of petty cash fund
    imprest system of petty cash fund
    simple system of petty cash fund
  • The petty cashier is given a certain amount of cash usually at the beginning of the accounting year under ______.

    special system of petty cash fund
    ordinary system of petty cash fund
    simple system of petty cash fund
    imprest system of petty cash fund
  • Imprest system of petty cash fund is better than the ordinary system because ______.

    It helps in timely reporting and checking. Thus, the errors, if any, can be rectified by the main cashier soon.
    It helps ultimately for effective control of the mis-utilization of the petty cash fund.
    It does not allow the petty cashier to keep idle cash with him as the float can be reduced if found more than necessary.
    all the options are correct
  • The office establishes the petty cash fund for paying petty expenses incurred ______.

    weekly
    daily
    monthly
    annually
  • Which one of the factor should be considered carefully by the petty cashier for the proper operation of the fund?

    The fund should not be mixed with any other amount received from any source.
    Advance payments should not be made.
    Payment should be made only for petty expenses.
    All the options are correct
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