Which of the following is NOT a control over petty cash?
A) A specific amount of cash must be kept on hand.
B) All petty cash payments must be supported by a petty cash ticket.
C) Several employees must be designated as petty cash custodian.
D) All of the above are controls over petty cash.

Question

Quizplus · Accepted Answer

Having several employees designated as petty cash custodian is not a control over petty cash. Typically, control is improved by limiting the number of individuals who have access to cash, with usually only one person being responsible for the petty cash fund to ensure accountability and reduce the risk of theft or misuse.

Which of the Following Is NOT a Control Over Petty