Essential Book Keeping - QP6 is a focused quiz assessing knowledge in managing petty cash, cash books, and cash reconciliation. It tests the understanding of imprest systems and the importance of cash flow in business, crucial for anyone in finance or accounting roles.
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False
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Standing orders
Direct debits
Credit transfers
BACS
CHAPS
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Refer to drawer
No funds
Please re-present
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Cash
Imprest
Petty cash
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Check the balance off your current statement.
Tick off the entries on the statement against the corresponding entries in your cash book to see if everything has cleared.
Add debits paid in but not shown on the statement.
Check regular payments like standing orders and direct debits.
The balance should equal the differences between your ‘bank in’ and ‘bank out’ columns of your analysed cash book, adjusted for any brought forward amount.
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