One of the physician owners of a medical partnership meets his wife for lunch at a nearby restaurant. He presents the restaurant receipt to the petty cash custodian and request reimbursement. The request is ____.
A) appropriate because a partner's lunch is a business expense
B) inappropriate because a partner's lunch with his wife is not a business expense
C) appropriate because a partner can use petty cash however he wishes
D) inappropriate because the lunch expense should not come from petty cash
Correct Answer:
Verified
Q16: When a bank statement for the operating
Q17: After completing the bank reconciliation, a journal
Q18: Which of the following is true about
Q19: Credit card companies charge merchants and businesses
Q20: Who is held accountable for the accuracy
Q22: The length of time from check writing
Q23: One of the physician owners of a
Q24: To reduce the risk of fraud, personal
Q25: The section of the statement of cash
Q26: Sue, a bookkeeper at a hospital, normally
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents