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SS1: FINANCIAL ACCOUNTING - 1ST TERM

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  1. Introduction to Booking Keeping and Accounting | Week 1
    11 Topics
    |
    1 Quiz
  2. Introduction to Books of Account | Week 2
    6 Topics
    |
    1 Quiz
  3. Subsidiary Books of Account I | Week 3
    4 Topics
    |
    1 Quiz
  4. Subsidiary Books of Account II | Week 4
    4 Topics
    |
    1 Quiz
  5. Principles of Double Entry Book Keeping | Week 5
    1 Topic
    |
    1 Quiz
  6. Cash Book | Week 6
    6 Topics
    |
    1 Quiz
  7. Petty Cash Book | Week 7
    1 Topic
    |
    1 Quiz
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The petty cash book is the book of original or prime entry which is used for recording small disbursements or expenses.

The reason behind the system is to reduce the numerous cash payment for small expenses. The source documents used in the petty cash book are invoices, receipts, and vouchers.

Imprest System:

This is a system for recording petty cash transactions, which are paid out of a cash float. In this system, a specified sum is given to the petty cashier at the start of the accounting period. This specified sum is called “Cash Float”. At frequent intervals, the petty cashier will reimburse for the amount spent, thus bringing it to the original amount.

Advantages of Petty Cash Book:

 

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