PETTY CASH: Question Preview (ID: 13180)

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Petty Cash is
a) spending large amounts of money for business items
b) spending small amounts of money for business items
c) spending large amounts of money for personal items
d) spending small amounts of money for personal items

PCV stands for
a) Popular Colour Violet
b) Personal Cash Voucher
c) Petty Cash Voucher
d) Personal Cheque Voucher

Money used to buy stamps would be analysed as

The amount of money received for the petty cash float is known as the
a) float
b) start up
c) imprest
d) restored imprest

The amount of money received to replace the money spent is known as
a) replenishing
b) updating
c) restoring the imprest
d) cash advance

PCV + balance in petty cash box =
a) cash
b) imprest
c) balance outstanding
d) total

Money received from petty cash must be recorded on a
a) Petty cash statement
b) bank book
c) receipt book
d) bit of paper

Petty Cash Vouchers are usually signed by
a) person receiving money
b) person issuing money
c) person authorising issue
d) all of the above

Jennifer started with £50 petty cash and has vouchers totalling £18. How much cash should she have in the petty cash box?
a) £50
b) £18
c) £32
d) £12

John has £20 left in the petty cash box and vouchers totalling £35. How much does he need to restore the imprest?
a) £20
b) £55
c) £15
d) £35

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