1.My courses 2. Dip Payroll Services 3.Module 1 - Accounting and Payroll Fundamentals 4. Check Your Understanding Quiz - Chapter AP6 Started onWednesday, 2 March 2022, 7:22 PM StateFinished Completed onWednesday, 2 March 2022, 7:23 PM Time taken51 secs Marks5.00/5.00 Grade10.00out of 10.00 (100.00%) FeedbackWell done - you can attempt the following related Chapter Quiz. The Chapter Quiz does count toward overall assessment for this unit so tak Question 1 Correct Mark 1.00 out of 1.00 Flag question Question text Petty cash is used: Select one: a. for the payment of minor expenses in cash Correct b. to pay for employee wages larger than $100 c. to pay minor expenses by the drawing of low value cheques d. instead of opening a business bank account Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text
The Imprest System has the advantage that: Select one: a. no authorisation of expenses reimbursed is required b. the sum of the vouchers less the remaining cash should equal the petty cash advance amount c. the remaining cash should equal the total of the petty cash vouchers d. the sum of the vouchers plus the remaining cash should equal the petty cash advance amount Correct Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Petty cash vouchers are: Select one: a. provided to the bank teller for the reimbursing the petty cash b. used to provide substantiation of the expenditure incurred Correct c. issued to suppliers in payment of supplier invoices d. given to employees as credit vouchers Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text The journal entry to record the initial establishment of the petty cash fund is: Select one: a. DR Expense Account CR Bank b. DR Bank CR Bank Loan c. DR Bank CR Petty Cash d. DR Petty Cash CR Bank Correct Question 5 Correct Mark 1.00 out of 1.00
Flag question Question text Which of the following is not an alternative petty cash process: Select one: a. Operate an honesty policy without the need for any expense details or approvals Correct b. Treat the owner's expense payment as a capital contribution to the business c. Charge expenses to a loan account in the payee's name d. Collect all small expense receipts and later draw a cheque(s) for reimbursement
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