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Questions and Answers
The treasury maintains subsidiary registers in respect of receipts and payments Major Head wise, and daily totals are incorporated in the cash book by the ______.
The treasury maintains subsidiary registers in respect of receipts and payments Major Head wise, and daily totals are incorporated in the cash book by the ______.
Accountant
After totaling the transactions, the Accountant draws a ______.
After totaling the transactions, the Accountant draws a ______.
balance sheet
The treasury officer checks the cash book against vouchers and postings in the subsidiary register, ensuring accuracy in the ______.
The treasury officer checks the cash book against vouchers and postings in the subsidiary register, ensuring accuracy in the ______.
totals
The treasurer draws up a ______ which provides details of physical cash such as notes and coins comparing with the balance in his hands.
The treasurer draws up a ______ which provides details of physical cash such as notes and coins comparing with the balance in his hands.
Once the balance sheet agrees, the treasury officer signs the ______ and the Accounts for the day are closed.
Once the balance sheet agrees, the treasury officer signs the ______ and the Accounts for the day are closed.
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Study Notes
Treasury Closing Process
- Subsidiary registers are used to record receipts and payments by major head.
- The Accountant summarizes transactions from subsidiary registers into the cash book.
- The Accountant creates a balance sheet after summarizing all transactions.
- The treasury officer verifies the cash book by cross-checking with vouchers and subsidiary register entries.
- The treasury officer verifies totals, with some being checked by a different clerk.
- The treasurer creates a balance memorandum, detailing notes, coins, and comparing with the physical cash balance on hand.
- The treasury officer signs the cash book and balance sheet when they agree.
- The strong room is double-locked, sealed, and handed over to the guard for the night after closing accounts.
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