Which of the following statements is correct concerning a Petty Cash Fund?
A) When reimbursing the Petty Cash Fund, the Petty Cash Fund account would be debited.
B) If no change is made in the size of the fund, the Petty Cash Fund account is debited only when the fund is first established.
C) If the Petty Cash Fund amount is decreased, the Petty Cash Fund account would be debited.
D) The Petty Cash Fund is not listed on the financial statements.
Correct Answer:
Verified
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