How should petty cash vouchers be numbered?
What two checks must the person authorising a petty cash claim make?
What document should ideally support a petty cash claim?
Could petty cash claims be paid with no supporting documentation?
Explain how petty cash is kept secure.
What is meant by the imprest system?
How are top-ups of petty cash recorded?
State three reasons why the total of cash and vouchers in a petty cash box might not equal the imprest amount.
Petty cash can be checked and reconciled at any time, even if the petty cash log or book is not up to date. Which of the following formulae is used for reconciling petty cash?
The following petty cash payments include sales tax at 20%:
What is the total of sale tax relating to these payments in the petty cash log or book?
A petty cash system operates with an imprest amount of $200. Each Friday just before the petty cash is topped up to $200 the amount of cash is counted and the vouchers in the petty cash box are totalled. On one particular Friday, the petty cash float amounted to $97.80 and the petty cash vouchers totalled $102.20. How much is needed to restore it to its imprest amount of $200?
For suggested answers, see the 'Answers' section at the end of the book.