Advantages of Petty Cash Book - SS1 Accounting Past Questions and Answers - page 1
1
What is the purpose of a petty cash book?
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A
To track small transactions
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B
To track large transactions
C
To reconcile bank statements
2
What advantage does using a petty cash book provide?
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A
Increased control over expenses
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B
Increased risk of fraud
C
Reduced transparency
3
How does a petty cash book simplify accounting?
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A
By recording all transactions in a single book
B
By reducing the number of transactions recorded in the primary cash book
C
By making it harder to reconcile accounts
4
What is the benefit of improved time management from using a petty cash book?
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A
It frees up time for other important tasks
B
It increases the risk of errors
C
It reduces transparency in cash transactions
5
What does a petty cash book provide that can be helpful for auditing purposes?
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A
A transparent record of all cash transactions
B
A record of only large transactions
C
A record of all credit transactions
6
What are some advantages of using a petty cash book?
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