SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Examples: Petty Cash Book
Examples: Petty Cash Book Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
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FAQs on Examples: Petty Cash Book Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is a petty cash book? |  |
Ans. A petty cash book is a record that tracks small cash transactions within a business. It helps to monitor and control the expenses incurred for small purchases or reimbursements that do not require the use of a regular bank account.
| 2. What is the purpose of maintaining a petty cash book? | |
Ans. The primary purpose of maintaining a petty cash book is to ensure proper documentation and accountability for small cash transactions. It allows businesses to track and control petty cash expenses, ensuring transparency and accurate record-keeping.
| 3. How does a petty cash book work? | |
Ans. A petty cash book works by assigning a fixed amount of cash, known as the petty cash fund, to a designated person or department. Whenever there are small cash expenses, such as office supplies or travel reimbursements, the amount is withdrawn from the petty cash fund and recorded in the book. At regular intervals, the petty cash fund is replenished to ensure it remains at the designated amount.
| 4. What are the advantages of using a petty cash book? | |
Ans. Using a petty cash book offers several advantages, including:
- Efficient tracking of small cash transactions
- Improved control over petty cash expenses
- Easy identification of unauthorized or fraudulent transactions
- Simplified reconciliation and auditing processes
- Accurate recording of expenses for financial reporting purposes
| 5. How can I maintain a petty cash book effectively? | |
Ans. To maintain a petty cash book effectively, consider following these steps:
1. Determine the appropriate amount for the petty cash fund.
2. Appoint a responsible person to handle and maintain the petty cash book.
3. Establish clear guidelines for petty cash expenses and reimbursement procedures.
4. Record all cash transactions in the petty cash book, including date, description, amount, and recipient.
5. Replenish the petty cash fund regularly to maintain the designated amount.
6. Conduct periodic audits to ensure the accuracy and integrity of the petty cash book.
7. Use secure storage for the petty cash fund and book to prevent loss or theft.
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Nov 25, 2024 Last updated |
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