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What is Petty Cash Book? Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
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| 1. What is a Petty Cash Book? |  |
Ans. A Petty Cash Book is a record or ledger used by businesses to track small, everyday cash expenses. It is maintained separately from the main cash book and is used to record small payments that do not warrant the use of a check or electronic transaction.
| 2. Why is a Petty Cash Book used? | |
Ans. A Petty Cash Book is used to efficiently manage and monitor small cash expenses. It helps businesses keep track of their petty cash funds and provides a transparent record of how the funds are being utilized. It also simplifies the process of reimbursing employees for small expenses.
| 3. How is a Petty Cash Book maintained? | |
Ans. To maintain a Petty Cash Book, a designated custodian is appointed to oversee the petty cash fund. The custodian is responsible for recording all cash transactions in the book, ensuring proper documentation for each expense, and replenishing the fund when it runs low. Regular audits should also be conducted to verify the accuracy of the book.
| 4. What are the advantages of using a Petty Cash Book? | |
Ans. Some advantages of using a Petty Cash Book include:
- Efficient tracking of small expenses: It allows businesses to easily record and monitor small cash transactions, reducing the chances of errors or mismanagement.
- Simplified reimbursement process: The book provides a clear record of expenses, making it easier to reimburse employees for their out-of-pocket expenses.
- Improved financial control: By maintaining a separate cash book for small expenses, businesses can better control their cash flow and prevent misuse or unauthorized spending.
| 5. What types of transactions are recorded in a Petty Cash Book? | |
Ans. A Petty Cash Book is used to record various small cash transactions, such as office supplies, postage, travel expenses, minor repairs, and miscellaneous office expenses. It typically excludes larger expenses that are paid through checks or electronic transfers. The exact types of transactions recorded may vary depending on the specific needs and policies of each business.
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Nov 25, 2024 Last updated |
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