The purpose of a petty cash fund is to eliminate the nuisance of making payments by EFT and cheques for common small business purchases, while still maintaining reasonable controls.

Question

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Petty cash funds are used to make small, everyday purchases easier to manage without the hassle of using electronic fund transfers (EFT) or writing cheques. They are still subject to reasonable controls to ensure the money is being used properly.

The Purpose of a Petty Cash Fund Is to Eliminate