Which of the following correctly describes the imprest system of operating petty cash?
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1 .A trainee accountant has prepared the following receivables ledger total account to calculate the credit sales of a business which does not keep proper accounting records (all sales are on credit): Receivables ledger total account USD USD Opening receivables 148,200 Credit sales 870,800 Cash received from customers 819,300 Closing receivables 153,100 Discounts allowed to credit customers 16,200 Irrecoverable debts written off 1,500 Returns from customers 38,700 —— —— 1,023,900 1,023,900 —— —— The account contains several errors.What is the sales figure when all the errors have been corrected?
A USD835,400 B USD848,200 C USD877,600 D USD880,600
2 .At 31 October 2015 Osba had a receivables control account with a balance of USD381,255. This balance was USD782 more than the total on the list of receivables balances at the same date.Which one of the following errors would account for this diffence?
A A receipt from Ellie for USD391 had been recorded on the debit side of Ellie’s account.Correct entries were made in the general ledger B The total column in the sales day book had been overcast by USD782 C A customer returned some goods to Osba on 30 November 2015. These had originally been invo...
3 .Patrick starts a new business. During the first year the entries in the sales ledger controlaccount are: USD Sales 250,000 Bank receipts 225,000 Sales returns 2,500 Irrecoverable debts written off 3,000 Dishonoured cheques 3,500 Contra with purchase ledger control account 4,000 What is the balance on the sales ledger control account at the end of the year?
A USD12,000 B USD19,000 C USD25,000 D USD27,000
4 .Johan enters into the following transactions with Marius, a supplier who is also a customer.Marius buys goods from Johan on credit terms. Johan agrees to make contra entries in Marius’ individual ledger accounts.Which of Johan’s accounting records are affected by these transactions?
A Sales day book, payables ledger and sales ledger B Purchase day book, payables ledger and sales ledger C Sales day book and sales ledger D Purchases day book and purchases ledger
5 .At the end of December Rock’s payables control account and its list of payables ledger balances fail to agree.It is discovered that the total of the purchase day book for December has been recorded as USD11,750. The correct figure is USD17,150.Which one of the following is the correct adjustment in the payables control account reconciliation?
A The control account balance should be reduced by USD5,400 B The list of balances should be increased by USD5,400 C The control account balance should be increased by USD5,400 D The list of balances should be reduced by USD5,400
7 .Which of the following statements about a cash imprest system is/are correct?(1) At any point in time physical cash plus petty cash vouchers will be equal to the imprest balance(2) There is no incentive to ensure all money disbursed is documented and supported by vouchers(3) It is difficult to reconcile an imprest system because it is not known exactly how much should be in the float(4) A fixed amount of cash is issued each month
A 1 only B 4 only C 1 and 3 only D 2 and 4 only
8 .A company operates an imprest system for petty cash. At 1 July there was a float of USD150, but it was decided to increase this to USD200 from 1 August onwards. During July, the petty cashier received USD25 from staff for personal use of the photocopier and a personal cheque for USD90 was cashed for an employee. During July the company took USD500 from its bank account to make up the imprest balance for petty cash.What was the total expense paid from petty cash in July?
A USD385 B USD435 C USD515 D USD615
9 .Norris operates an imprest system for petty cash. On 1 February, the float was USD300. He decided that this should be increased to USD375 at the end of February.During February, the cashier paid USD20 for window cleaning, USD100 for stationery and USD145 for coffee and biscuits. The cashier received USD20 from staff for private use of the photocopier and USD60 for a sundry cash sale.What amount was drawn from the bank account for petty cash at the end of February?
A USD185 B USD260 C USD315 D USD375
10 .Peri’s bookkeeper made the following mistakes:(1) Discount allowed USD3,840 was credited to discounts received account.(2) Discount received USD2,960 was debited to discounts allowed account.Which of the following journal entries will correct the errors?
A Dr Discount allowed USD7,680; Cr Discount received USD5,920;Cr Suspense account USD1,760 B Dr Discount allowed USD880; Dr Discount received USD880;Cr Suspense account USD1,760 C Dr Discount allowed USD6,800;Cr Discount received USD6,800 D Dr Discount allowed USD3,840; Cr Discount received USD2,960...
