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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 ______.
Accountant
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 ______.
totals
The treasurer draws up a ______ which provides details of physical cash such as notes and coins comparing with the balance in his hands.
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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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Description
This quiz explores the steps involved in the treasury closing process, including the use of subsidiary registers, cash book summarization, and balance sheet creation. It also covers the verification process by the treasury officer and the final handling of cash. Test your knowledge on these critical financial procedures required for effective treasury management.
