Multiple Choice
Which of the following explains the imprest system of operating petty cash?
A) Weekly expenses cannot exceed a set amount
B) The exact amount of expenses is reimbursed at intervals to maintain a fixed float
C) All expenses out of the petty cash must be properly authorized
D) Regular equal amounts of cash are tr
Correct Answer:
Verified
Correct Answer:
Verified
Q15: Creditors for goods purchase come within the
Q16: The Accounting Standards Board was established in
Q17: The comparison of the results of one
Q18: The process of recording financial data up
Q19: According to this convention, important items must
Q21: Drawings account is the nature of<br>A)Personal Account<br>B)Real
Q22: Cash discount is provided?<br>A)Early payment<br>B)Late payment<br>C)Bulk purchase<br>D)Bulk
Q23: The opening stock is shown in:<br>A)Trading Account<br>B)Profit
Q24: The term "compound entry" means that the
Q25: The balance of petty cash is?<br>A)An asset<br>B)A