Accounting Multiple Choice Question – 31 August 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

During the month of March, a firm which wishes to maintain a petty cash float of £200, paid £146 out of petty cash.

How much should it reimburse to the imprest at the end of the month?

Select ONE answer:

  1. £54
  2. £146
  3. £200
  4. £254

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. Incorrect – A Cash sales should be recorded in the cash book (or cash receipts book).
  2. Correct – By always reimbursing the amount paid out during a period, the float (imprest) will always be restored to the amount on hand at the beginning of the period.
  3. Incorrect – Goods sold on credit should be recorded in the sales journal.
  4. Incorrect

 

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