I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

according to the IASB's Conceptual framework for financial reporting? 

1 Relevance 

2 Going 

concern 

3 

Faithful representation  

4 Accruals 

A  

1 and 2 only 

B  

2 and 3 only 

C  

3 and 4 only 

D  

1 and 3 only  

 

(2 marks) 

BPP Tutor Toolkit Copy

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PRACTICE QUESTION BANK 

 

487 

11 

Which of the following explains the imprest system of operating petty cash?  

A 

Weekly expenditure cannot exceed a set amount 

B 

The exact amount of expenditure is reimbursed at intervals to maintain a fixed float 

C 

All expenditure out of the petty cash must be properly authorised 

D 

Regular equal amounts of cash are transferred into petty cash at intervals 

 

(2 marks) 

12 

Petty cash is controlled under an imprest system. The imprest amount is $100. During a period, 

payments totalling $53 have been made.  

How much needs to be reimbursed at the end of the period to restore petty cash to the imprest 

account? 

A $100 

B $53 

C $47 

D $50 

 

(2 marks) 

13