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.
Brand: Quizplus
Rating: 4.9 (63 reviews)

Question

Quizplus · Accepted Answer

The sum of money on hand and petty cash receipts should equal the original petty cash fund amount, not the balance in the Petty Cash account, which remains unchanged unless the fund is replenished or adjusted.

The Sum of the Money on Hand and Petty Cash