The emphasis in verifying petty cash is normally on which of the following?

Question

Quizplus · Accepted Answer

The emphasis in verifying petty cash is usually on controls over petty cash, ensuring that there are proper procedures and documentation for disbursements and replenishments, and that the petty cash balance is accurate. While verifying transactions for the period and balance sheet classifications are important, they are not the primary focus of petty cash verification. The year-end balance may be important for financial reporting purposes, but it is not the primary concern for verifying petty cash.

The Emphasis in Verifying Petty Cash Is Normally on Which