O-LevelAccountingAccounting proceduresOct/Nov 2021Paper 1 Q91 Mark
Ann maintains a petty cash book using the imprest system. Which statement is not correct?
Apetty cash book can be maintained by a junior member of staff.
BAt any time petty cash vouchers plus the petty cash balance are equal to the imprest amount.
CThe chief cashier is not asked continually for small sums of money.
DThe number of entries in the cash book increases because of the large number of small cash payments.
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of accounting procedures within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
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