* not completed

. The closing balance on the petty cash account is calculated as:

Opening balance + receipts + payments correct incorrect

Opening balance – receipts + payments correct incorrect

Opening balance + receipts – payments correct incorrect

Opening balance – receipts – payments correct incorrect

* not completed

. At 1 September 2021 there is £45 in the petty cash account. During September 2021, £200 is paid in from the bank, £125 is spent and £15 was received from the sale of postage stamps. What is the balance on the petty cash account at 30 September 2021?

£90 correct incorrect

£105 correct incorrect

£120 correct incorrect

£135 correct incorrect

* not completed

. Which one of the following statements is not true?

The petty cash book is a book of prime entry. correct incorrect

Petty cash is used to pay credit suppliers. correct incorrect

The petty cash account is topped up regularly with payments from the bank account. correct incorrect

Total receipts – total payments on the petty cash account = the amount left in the petty cash box. correct incorrect

* not completed

. Which one of the following statements is not true?

The petty cash book is the first record of small sums of cash paid out by an entity on a day-to-day basis. correct incorrect

Petty cash is an actual store of cash used to meet small day to day expenses. correct incorrect

The petty cash book is a double entry record. correct incorrect

Petty cash expenditure is credited to expense accounts. correct incorrect