Page 243 - Account 10

Glossary

Description : detail

Approval : permission for doing something
Properties : assets
Advance : amount given to person or parties before getting goods or
service
Budget : the estimation of expenditures and incomes
Consolidated fund : combined fund
Goshwara Voucher : journal voucher
Narration : a brief description at the end

Rectify : to correct
Running bill : bill of expenditure presented by the contractors for payment
Budget freeze : a balance amount remaining unused out of imprest fund
Clearance of advance : settlement of advance through statement of expenditure
Provident fund : a kind of retirement fund provided to the employees
Annual closing : the process of closing the accounts at the end of fiscal year

Exercise

A. Answer the following questions in one sentence.
1. Write the objectives of journal voucher.
2. What is meant by journal voucher?
3. What is meant by advance journal voucher?
4. What is revolving fund?
5. What is meant by petty cash fund?
6. What do you mean by ‘deduction from salary’?

B. Give short answers to the following questions.
7. What is meant by Goshwara Voucher, AGF No. 10? Mention its importance.
8. What are the things to be considered while maintaining Goshwara Voucher?
9. What is petty cash fund? Mention its objectives.
10. Describe the types of petty cash fund.
11. Write the objectives of Goshwara Voucher?
12. Describe the types of Goshwara Voucher in brief.

242 Aakar’s Office Practice and Accountancy - 10 Journal Voucher 243