Which of the following is correct regarding a petty cash fund?
A) Petty cash fund represents cash on hand at the business for quick access.
B) Petty cash fund is used for minor purposes.
C) When cash from this fund is taken out,it should be replaced with a voucher.
D) All of the answers are correct regarding a petty cash fund.
Correct Answer:
Verified
Q124: The following data were obtained from the
Q125: The balance shown in the August
Q126: A minor amount of cash kept on
Q127: At the end of the month,employees
Q128: The balance in the Colt Company's
Q130: On May 31,Money Corporation's Cash account
Q131: A company-issued debit card or credit card
Q132: A company's cash balance is reported in
Q133: After preparing a bank reconciliation,the collection of
Q134: When accounting for employee purchases,effective internal controls
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents