Which statement best describes the petty cash account?

Question

Quizplus · Accepted Answer

The petty cash account is used for incidental items that are usually not very expensive, such as office supplies or postage fees. It is typically a small amount of cash that is kept on hand for small, unexpected expenses.

Answer: D 
 Replenishing the petty cash account by taking $25 from patient receipts every week is not a common practice and could potentially be considered unethical or illegal. It is important to properly document all transactions involving the petty cash account and ensure that the account is replenished in compliance with organizational policies and procedures.

Which Statement Best Describes the Petty Cash Account