Petty Cash Book Flashcards
1
Q
What is the Petty Cash Fund used for?
A
To pay for low-value expenditures such as postage, refreshments, stationery, transport, etc.
2
Q
What is the imprest amount / float?
A
Imprest amount / float = Balance left in the petty cash fund + Reimbursement amount or
= Balance left in the petty cash fund + Payments made
3
Q
What is the Petty Cash Book?
A
It is a book of original entry / special journal.
