The major advantage of an imprest system is that it
Ensures a proper accountability for every expenditure
Trains the young accountants in preparation for greater responsibilities
Relieves the chief cashier of the numerous petty cash payments
Serves as an analysis column for every expenses
Correct answer is C
No explanation has been provided for this answer.
#25,650
#22,800
#19,950
#18,240
Correct answer is C
No explanation has been provided for this answer.
The accounting entries to record a cheque issued by a business is to
Debit cash book and credit drawer
Credit cash book and debit drawer
Debit cash book and credit suspense account
Credit cash book and debit suspense account
Correct answer is B
No explanation has been provided for this answer.
The book of account in which information from the source documents are recorded consists of
Debit and credit notes
Ledger and subsidiary books
Prepayments and accruals
Profit and loss and balance sheet
Correct answer is B
No explanation has been provided for this answer.
Private, sales and purchases
Personal, general and private
General, private and sales
Sales, purchases and general
Correct answer is D
The three types of ledgers are general, sales, and purchase ledgers.
The sales ledger records all sales transactions, whether cash or credit sales. While the purchase ledger records all purchases including those fully paid for and unpaid.
The general ledger, on the other hand, is a document providing a complete record of all the financial transactions of your business.