The sum of the cash in the petty cash fund and the total of the paid vouchers should equal the opening balance in the petty cash account at all times.

Question

Quizplus · Accepted Answer

This is true as the petty cash fund is supposed to be used for small expenditures, and the amount of cash plus the total paid vouchers should always match the original designated amount of the fund. This is important for record keeping and to ensure that there is no discrepancy in the fund.

The Sum of the Cash in the Petty Cash Fund