What is meant by petty cash?

• Advance money for paying security staff salaries.

• Used to facilitate periodic expenses abroad in foreign currency.

• Cash allocated and used to facilitate expenses for specific purposes.

• Money given to the accounting officer to enable them to make payments to contract workers.

What is the minimum amount usually set by a company as petty cash fund?

• RM50

• RM500

• RM30,000

• RM40,000

What action should be taken if petty cash is lost?

• Report to the company manager.

• Report to the police within 24 hours.

• Investigate the company staff.

• Ask for help from other staff to find the lost money.

Which of the following is not an expense of petty cash?

• Assets

• Office supplies.

• Postal delivery.

• Reimbursement to employees.

What details in a check need to be recorded in the petty cash book?

• Name of petty cash recipient

• Advance amount

• Check number of advance

• Signature

• I, II and III

The petty cash book must contain information such as date, item, debit, credit, and balance.

The accounting officer does not need to manage the company's petty cash.

Receipts will be used as proof of recording petty cash transactions.

The company manager does not need to set the value of the petty cash fund.

Petty cash can be accounted into the staff bank at any time.