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