Petty Cash Book: Meaning/Definition - SS1 Accounting Past Questions and Answers - page 1
1
What is a petty cash book?
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A
A primary ledger used to record significant cash transactions
B
A subsidiary ledger used to record small cash transactions
C
A ledger used to record bank transactions
2
What kind of transactions are recorded in a petty cash book?
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A
Significant cash transactions
B
Routine cash transactions, such as office supplies or refreshments
C
Bank transactions
3
Why is a petty cash book maintained separately from the primary cash book?
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A
To reduce the number of entries in the primary cash book
B
To make it easier to record significant cash transactions
C
To track bank transactions
4
What is the purpose of using a petty cash book?
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A
To track and control small cash transactions
B
To record significant cash transactions
C
To record bank transactions
5
Define a petty cash book in simple terms.
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