Chapter 8 Petty Cash

Question 1

What do you debit and what do you credit in petty cash?

Answer 1

You debit receipts and credit payments

Question 2

Which side has analysis?

Answer 2

Credit

Question 3

What would the account names be for the general ledger for petty cash?

Answer 3

All the analysis titles

Question 4

When a product has VAT, what would it also have?

Answer 4

It would have a Net under the appropriate tilte

Question 5

Would the general ledgers be all credited or debited and why?

Answer 5

They would all be debited as they were all credit before

Question 6

What would the detail in the general ledger in petty cash be?

Answer 6

PCB01 depending on how many petty cash books

Question 7

Where would you debit net?

Answer 7

individual expenses account

Question 8

where would you debit vat?

Answer 8

vat account

Question 9

where would you credit gross?

Answer 9

petty cash book

Question 10

define imprest petty cash?

Answer 10

You would like a set amount in petty cash tin in the begging of the period and some domt mind

Question 11

How to put the amount back to the original amount?

Answer 11

you have to take out the amount you spent and then add it back

Question 12

define nonimpressed petty cash?

Answer 12

Don’t mind the amount in petty cash as long as it is enough to last.