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

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

    ordinary system of petty cash fund
    special 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 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
    It helps in timely reporting and checking. Thus, the errors, if any, can be rectified by the main cashier soon.
  • The office establishes the petty cash fund for paying petty expenses incurred ______.

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

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