The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash account.

Name: The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash account.
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Question

Quizplus · Accepted Answer

The sum of money on hand and petty cash receipts should equal the original amount set in the petty cash fund, not necessarily the balance in the petty cash account, which may not reflect transactions immediately.

The Sum of the Money on Hand and Petty Cash