Petty cashbook and the imprest system - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 16:

• JAMB 2015

The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175
How much was received to maintain the imprest at the end of the month?

A. N1, 605
B. N875
C. N2, 450
D. N1, 300

Question 17:

• JAMB 2016

1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?

A. II and IV
B. II, III and IV
C. I, II and III
D. III and IV

Question 18:

• JAMB 2018

The major advantages of an imprest system is that it ?

A. Ensures a proper accountability for every expenditure
B. Trains the young accountants in the preparation for greater responsibility
C. Relieves the chief cashier of the numerous petty cash payments
D. Serves as an analysis column for every expenses

Question 19:

• JAMB 2018

The fixed amount of money given to a petty cashier at the beginning of a period is called?

A. Imprest
B. Float
C. Cash advance
D. Cash