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JAMB Accounts (Principles of Accounts) questions: Petty cash and the imprest system

12 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 1· Petty cash and the imprest system· JAMB

    The totals of the petty cash analysis columns are posted to the

    Explanation and discussion

  2. Question 2· Petty cash and the imprest system· JAMB

    A petty cash float of ₦15,000 is kept on the imprest system. During the month ₦3,200 was spent on postage, ₦4,800 on transport and ₦2,500 on cleaning. The reimbursement at the end of the month is

    Explanation and discussion

  3. Question 3· Petty cash and the imprest system· JAMB

    The person responsible for the petty cash book is the

    Explanation and discussion

  4. Question 4· Petty cash and the imprest system· JAMB

    Under the imprest system, the amount held by the petty cashier at the start of each period is

    Explanation and discussion

  5. Question 5· Petty cash and the imprest system· JAMB

    A petty cash imprest of ₦20,000 was kept. At the end of the week ₦5,500 remained. The amount needed to restore the imprest is

    Explanation and discussion

  6. Question 6· Petty cash and the imprest system· JAMB

    The petty cash book is a book of

    Explanation and discussion

  7. Question 7· Petty cash and the imprest system· JAMB

    The petty cashier receives the float from

    Explanation and discussion

  8. Question 8· Petty cash and the imprest system· JAMB

    From an imprest of ₦12,000, payments were stamps ₦2,000, fuel ₦5,500 and cleaning ₦1,500. How much is left?

    Explanation and discussion

  9. Question 9· Petty cash and the imprest system· JAMB

    A petty cash float of ₦20,000 has ₦3,500 left. The amount reimbursed is

    Explanation and discussion

  10. Question 10· Petty cash and the imprest system· JAMB

    The analysis columns of a petty cash book help to

    Explanation and discussion

  11. Question 11· Petty cash and the imprest system· JAMB

    Under the imprest system, the petty cashier is reimbursed with

    Explanation and discussion

  12. Question 12· Petty cash and the imprest system· JAMB

    The petty cash book is usually balanced

    Explanation and discussion

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