Petty Cash Book Flashcards
1
Q
What is a petty cash book
A
A petty cash book is sued to record low-value cash payments
2
Q
State advantages for petty cash book
A
-removes small cash payments from the main cash book
-reduces the number of entries in the main cash book
-reduces the number of entries in the ledger
-allows the chief cashier to delegate some of the work
-provides training for junior members of staff
3
Q
What is a imprest system
A
The petty cashier starts at each period with the same amount
