{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

more Flashcards

(7 cards)

1
Q

What is the purpose of petty cash?

A

The purpose of petty cash is to pay minor expenses where the use of a cheque is impractical.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Who is likely to be responsible for petty cash?

A

The petty cash voucher is provided by the cashier or accounting clerk.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What precautions should be taken to ensure the safety of petty cash?

A

The precautions are that the petty cash is in a lockable metal cash box, and when not being used, the cash box will be deposited in a lockable drawer or in the company safe.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Why is it necessary to keep petty cash records?

A

It is important because some records have to be maintained to avoid the possibility of fraudulent use.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a petty cash voucher?

A

A petty cash voucher is usually a small form that is used to document a disbursement from a petty cash fund.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Explain the imprest system of keeping petty cash records.

A

The imprest system is a simple method of recording petty cash accounts, thereby maintaining a cash float.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

If you were asked to take over responsibility for petty cash from someone else, how would you ensure that the accounts were correct before taking them over?

A

To ensure the petty cash accounts are correct when taking over responsibility, I would first review existing records, perform a count, verify reconciliation to ensure the records are accurate, and obtain formal handover acknowledgement to ensure accountability and a smooth transition.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly