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WAEC Financial Accounting 2008 Question 3

Question 3

Petty Cash

An analytical cash book is used to

  1. A.indicate sources of cash received
  2. B.categorise petty cash payment
  3. C.separate cash and bank balance
  4. D.analyse amounts due from debtors.
Show the answer and explanation

Answer: B (categorise petty cash payment)

Explanation

An analytical (petty) cash book has columns that sort payments into types of expense.