Cima C02 Exam Question No 13

Question No 13:

N operates an imprest system for petty cash. On 1 February, the float was $300. It was decided that this should be increased to $375 at the end of February.
During February, the cashier paid $20 for window cleaning, $100 for stationery and $145 for coffee and biscuits. The cashier received $20 from staff for the private use of the photocopier and $60 for a miscellaneous cash sale.
What amount was drawn from the bank account for petty cash at the end of February?

A. $185
B. $260
C. $315
D. $375

Answer: B

Cima C02 Exam Question No 12

Question No 12:

P is a sole proprietor whose accounting records are incomplete. All the sales are cash sales and during the year $50,000 was banked, including $5,000 from the sale of a business car. He paid $12,000 wages in cash from the till and withdrew $2,000 per month as drawings. The cash in the till at the beginning and end of the year was $300 and $400 respectively.
What were the sales for the year?

A. $80,900
B. $81,000
C. $81,100
D. $86,100

Answer: C

Cima C02 Exam Question No 11

Question No 11:

 The entries in a sales ledger control account are:
Sales                                                        $250,000
Bank                                                        $225,000
Sales returns                                            $2,500
Bad debts (irrecoverable debts?)           $3,000
Returned unpaid cheque $3,500
Contra with purchase ledger account    $4,000

What is the balance on the sales ledger control account?

A. $12,000
B. $19,000
C. $25,000
D. $27,000

Answer: B

Cima C02 Exam Question No 10

Question No 10:

What is an imprest system?

A. Records the use of a company’s seal.
B. Helps to reconcile the cash book with the bank statement.
C. Helps to control petty cash.
D. Is part of computerised accounting?

Answer: C