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Petty Cash & Staff Advances — Assessment

10 questions · 75% to pass · graded instantly. Pass and your certificate is issued automatically.

1. A float has a level of KES 15,000 and a balance of KES 9,000, and a KES 1,500 payment is awaiting approval. What are its available amount and its top-up due?
2. Where does a petty cash float’s balance come from?
3. A cashier needs to move KES 5,000 from the shop float into the warehouse float. What is the correct way to record it?
4. Approval is switched on. Grace records a KES 3,000 voucher. Who can approve it?
5. An advance of KES 30,000 is issued on 10 May and Accounting Defaults has not been changed. When is it due to be retired?
6. A field officer was advanced KES 20,000 and retires receipts totalling KES 23,000. What happens to the extra KES 3,000?
7. With approval on, a department head raises an advance for herself. Which statement is true?
8. A retirement line is charged to the Staff Advances account. What does AWRA do?
9. An advance has been overdue for ten days. How often has the member of staff been reminded?
10. Finance wants to write off the unrecoverable KES 8,000 left on an advance, but a retirement on it is still pending. What should happen first?

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