Study

Petty Cash Book

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  • State a reason for maintaining a petty cash book.
    to reduce fraud (any acceptable reason)
  • State the purpose of issuing invoice
    Purchase / sale of goods on credit
  • In what situation we will issue debit note?
    undercharge / to inform the seller the goods have returned
  • State one advantage of the imprest system of petty cash.
    keep track of petty cash expenditure (any acceptable reason)
  • Define petty cash book
    To record small cash transactions
  • The imprest amount is $100. The balance b/d is $23, how much need to restore?
    $77
  • What is imprest system
    fixed amount of cash is allocated to a petty cash fund
  • The purpose of issuing statement of account.
    To summarised transactions for the month
  • What is credit Note
    to acknowledge the goods being returned
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