Which of the following is true of a petty cash fund
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09/12/2022
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Answer: Show "D": All of the answers are correct regarding a petty cash fund. Explanation: Petty cash funds are sums of money that are useful for businesses to take care of small payments. These payments are too low to allow a check to be written for payment. In some businesses, each department maintains its own small cash box for expenses such as office supplies per unit. Petty Cash Fund Definition – A small cash fund used to make incidental purchases where normal purchasing methods are not practical. Special care must be taken to protect such funds from theft or misuse. Petty Cash Funds Policy 3-011
(March 2015) What is true regarding a petty cash fund?Which of the following is true regarding a petty cash fund? A petty cash fund is maintained on a periodic basis. The fund is created by drawing a check on the regular cash account and giving the cash to the petty cash custodian to administer the fund.
What is a petty cash fund quizlet?The petty cash fund is a special fund set up to pay for minor expenses with cash instead of paying by cheque (e.g. tea and coffee, fares, stamps). It is always replenished to the imprest amount.
When a petty cash fund is in use quizlet?Terms in this set (265) When a petty cash fund is in use: Expenses paid with petty cash are recorded when the fund is replenished.
What type of an account is the petty cash fund quizlet?The petty cash fund is a liability with a normal debit balance. When petty cash is replenished, Petty Cash is debited and Cash is credited.
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