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

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

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

   • Asales account
   • Bcredit side of the expense accounts
   • Cdebit side of the expense accounts
   • Dcapital account

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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

   • A₦15,000
   • B₦4,500
   • C₦10,500
   • D₦25,500

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

   The imprest system of petty cash means that

   • Athe cashier keeps all receipts
   • Bpetty cash is never balanced
   • Cthe petty cashier is given a fixed float that is restored at the end of each period
   • Dcash is banked daily

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

   An advantage of the imprest system is that

   • Alarge payments are made faster
   • Bno vouchers are needed
   • Cthe petty cashier's spending can be checked easily
   • Dbank reconciliation is avoided

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

   The person responsible for the petty cash book is the

   • Apetty cashier
   • Bchief accountant only
   • Cauditor
   • Dmanaging director

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

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

   • A₦26,200
   • B₦3,800
   • C₦15,000
   • D₦11,200

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7. Question 7· 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

   • Aalways the same
   • Blarger each period
   • Cequal to last period's expenses
   • Ddecided by the petty cashier

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8. Question 8· 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

   • A₦5,500
   • B₦25,500
   • C₦20,000
   • D₦14,500

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

   The petty cash book is a book of

   • Afinancial position
   • Bfinal accounts
   • Cstatement of affairs
   • Doriginal entry

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10. Question 10· 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?

    • A₦20,000
    • B₦5,500
    • C₦14,500
    • D₦34,500

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

    The person in charge of the petty cash book is the

    • Abank manager
    • Bauditor
    • Cchief cashier only
    • Dpetty cashier

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

    The petty cashier receives the float from

    • Acustomers
    • Bthe bank directly
    • Cthe main cashier
    • Dcreditors

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13. Question 13· 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?

    • A₦9,000
    • B₦3,000
    • C₦12,000
    • D₦21,000

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14. Question 14· 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?

    • A₦5,800
    • B₦9,200
    • C₦15,000
    • D₦24,200

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15. Question 15· Petty cash and the imprest system· WAEC

    Under the imprest system, the petty cashier

    • Arecords no payments
    • Bkeeps all cash received
    • Cis restored to a fixed float at the start of each period
    • Dpays large bills

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16. Question 16· Petty cash and the imprest system· WAEC

    The petty cash book is used mainly for

    • Acredit sales
    • Bsmall, frequent expenses
    • Ccapital expenditure
    • Dloans

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17. Question 17· Petty cash and the imprest system· WAEC

    Analysis columns in the petty cash book are used to

    • Acalculate depreciation
    • Brecord sales
    • Cshow bank charges
    • Dgroup payments by type of expense

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18. Question 18· Petty cash and the imprest system· JAMB

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

    • A₦23,500
    • B₦3,500
    • C₦20,000
    • D₦16,500

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19. Question 19· Petty cash and the imprest system· WAEC

    The analysis columns of the petty cash book help to

    • Acalculate depreciation
    • Bgroup small expenses for posting to the ledger
    • Crecord credit purchases
    • Dprepare the bank statement

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20. Question 20· 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

    • A₦17,200
    • B₦2,800
    • C₦10,000
    • D₦7,200

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    Explanation and discussion