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“Cash Book & Petty Cash” in Accounting & Finance

83 questions across 1 technology.

Accounting & Finance

83 questions in 1 technology

#QuestionTechnologyTopicLevel
1What is petty cash and the petty cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
2How is the petty cash book reimbursed and posted? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
3Why might the petty cash book not balance and how do you investigate? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
4How do you post the totals of an analysed petty cash book with VAT? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashAdvanced
5What is the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
6What is the difference between a single, two, and three-column cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
7What is a petty cash voucher? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
8What is the difference between cash and bank columns in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
9How do you balance the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
10What is the difference between the cash book and the bank statement? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
11What does a debit balance and a credit balance mean in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
12What is the difference between cash and bank in bookkeeping? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
13What is the imprest system for petty cash? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
14What is a contra entry in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
15How do discounts allowed and received appear in the three-column cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
16What internal controls apply to cash and petty cash handling? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
17What entries arise from bank charges, interest, and standing orders in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
18How is the receipt of capital or a loan recorded in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
19How are drawings recorded in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
20What is the treatment of cash discounts versus the cash received in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashIntermediate
21How is petty cash treated at the period end for the financial statements? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashAdvanced
22How do you record dishonoured (bounced) cheques in the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashAdvanced
23How is the analysis (columnar) cash book useful and how is it posted? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashAdvanced
24How do you record wages paid net, with deductions, through the cash book? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashAdvanced
25Why must cash receipts be banked promptly? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
26What is a two-column versus three-column difference in one line? Bookkeeping › Cash Book & Petty CashBookkeepingCash Book & Petty CashBeginner
27Why is the cash book considered both a book of prime entry and a ledger account? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryIntermediate
28What are books of prime entry? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryBeginner
29What is the difference between a book of prime entry and a ledger? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryIntermediate
30What is a trade discount and how is it treated in the day books? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryIntermediate
31What is a remittance advice and how does it relate to the books of prime entry? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryIntermediate
32How does a settlement (cash) discount get recorded compared with a trade discount? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryAdvanced
33Why do the cash book and bank statement balances differ? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
34What is the adjusted (corrected) cash book balance? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
35Which differences require an adjustment to the cash book and which do not? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
36How do you reconcile when starting from the cash book balance instead of the statement? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
37What is the correct order: update the cash book first or reconcile the statement first? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
38What is a source document and why is it important? Bookkeeping › Books of Prime EntryBookkeepingBooks of Prime EntryBeginner
39How does bank feed and bank reconciliation work in accounting software? Bookkeeping › Computerized BookkeepingBookkeepingComputerized BookkeepingIntermediate
40What is the benefit of automatic bank rules/matching in software? Bookkeeping › Computerized BookkeepingBookkeepingComputerized BookkeepingIntermediate
41What is a credit customer versus a cash customer? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersBeginner
42How do you correct an error where cash discount allowed was posted to discount received? Bookkeeping › Correcting ErrorsBookkeepingCorrecting ErrorsAdvanced
43How do you correct a complete reversal of entries for a cash payment? Bookkeeping › Correcting ErrorsBookkeepingCorrecting ErrorsAdvanced
44What is a statement of account sent to customers? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersBeginner
45What documents update the sales and purchases ledgers? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersBeginner
46What is a bank reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
47What is an unpresented cheque? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
48What is an outstanding lodgement (deposit in transit)? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
49How is an overdrawn bank balance treated in a reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
50How often should bank reconciliations be performed? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
51What is a direct debit and how does it appear in reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
52What is a standing order? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
53What is a credit transfer (bank giro) received? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
54What documents are needed to perform a bank reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
55What does 'reconciling item' mean? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationBeginner
56Where do drawings appear in the trial balance and financial statements? Bookkeeping › Trial BalanceBookkeepingTrial BalanceBeginner
57How is a customer's account in the sales ledger written up? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
58How is a supplier's account in the purchases ledger written up? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
59What is an aged receivables (debtors) analysis and why is it used? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
60How is a refund to a customer or from a supplier recorded? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
61What entries appear in the sales ledger control account? Bookkeeping › Control AccountsBookkeepingControl AccountsIntermediate
62What entries appear in the purchases ledger control account? Bookkeeping › Control AccountsBookkeepingControl AccountsIntermediate
63What is the effect of a discount allowed on the control accounts? Bookkeeping › Control AccountsBookkeepingControl AccountsIntermediate
64What are the steps to prepare a bank reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
65How does a bank reconciliation help detect fraud or error? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
66What causes a bank reconciliation not to balance and how do you investigate? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
67What is a complete reversal of entries? Bookkeeping › Correcting ErrorsBookkeepingCorrecting ErrorsIntermediate
68How is an early-settlement discount received from a supplier recorded? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
69How do you record goods taken by the owner from inventory (drawings in kind)? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
70How do you record interest charged to a slow-paying customer? Bookkeeping › Sales & Purchase LedgersBookkeepingSales & Purchase LedgersIntermediate
71How do dishonoured cheques appear in the sales ledger control account? Bookkeeping › Control AccountsBookkeepingControl AccountsIntermediate
72How is refund to a customer shown in the sales ledger control account? Bookkeeping › Control AccountsBookkeepingControl AccountsIntermediate
73How do bank errors feature in a reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
74How does electronic/online banking change the reconciliation process? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
75How do you treat interest received and charged in the reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationIntermediate
76How do you correct wages posted to the drawings account? Bookkeeping › Correcting ErrorsBookkeepingCorrecting ErrorsIntermediate
77How is the VAT liability settled and recorded when paid? Bookkeeping › VAT RecordsBookkeepingVAT RecordsIntermediate
78How do you deal with stale or cancelled cheques in a reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationAdvanced
79How does the bank reconciliation interact with the financial statements? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationAdvanced
80Walk through correcting a one-sided error using the suspense account. Bookkeeping › Correcting ErrorsBookkeepingCorrecting ErrorsAdvanced
81How does the timing of banking affect month-end reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationAdvanced
82How do you handle a customer's standing order paid into the wrong period? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationAdvanced
83How would a fraudulent unrecorded withdrawal be detected in reconciliation? Bookkeeping › Bank ReconciliationBookkeepingBank ReconciliationAdvanced