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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

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

    The imprest system of petty cash means that

    Explanation and discussion

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

    An advantage of the imprest system is that

    Explanation and discussion

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

    The imprest is ₦15,000 and ₦11,200 was spent. The amount to restore the imprest is

    Explanation and discussion

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

    The petty cash imprest is ₦20,000 and ₦14,500 was spent during the month. How much is needed to restore the imprest?

    Explanation and discussion

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

    The person in charge of the petty cash book is the

    Explanation and discussion

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

    At the end of a month a cheque for ₦9,200 restores the petty cash float to ₦15,000. How much was in the petty cash box before it was restored?

    Explanation and discussion

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

    Under the imprest system, the petty cashier

    Explanation and discussion

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

    The petty cash book is used mainly for

    Explanation and discussion

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

    Analysis columns in the petty cash book are used to

    Explanation and discussion

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

    The analysis columns of the petty cash book help to

    Explanation and discussion

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

    The imprest is ₦10,000 and ₦7,200 was spent during the month. The amount needed to restore the imprest is

    Explanation and discussion

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

    The analysis columns in a petty cash book help to

    Explanation and discussion

  13. Question 13· Petty cash and the imprest system· WAEC

    A petty cash voucher is used to

    Explanation and discussion

  14. Question 14· Petty cash and the imprest system· WAEC

    Which of these is a suitable petty cash payment?

    Explanation and discussion

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