Ask Question
BusinessBusiness
7 May, 14:21

Which of the following is correct regarding a petty cash fund? A petty cash fund is used for minor purposes. A petty cash fund represents cash on hand at the business for quick access. When cash from this fund is taken out, it should be replaced with a voucher. All of the answers are correct regarding a petty cash fund.

+5
Answers (1)
  1. 7 May, 15:58
    0
    The correct answer is letter "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.

    For accounting purposes, transactions involving petty cash are documented only when the petty cash was totally spent and a new fund is to be created and recorded with a voucher.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which of the following is correct regarding a petty cash fund? A petty cash fund is used for minor purposes. A petty cash fund represents ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What did stan uris do after he received a phone call from mike?
Answers (1)
A futures contract on a 30 day Eurodollar time deposit is currently selling at an IMM index of 95.75 percent. The IMM index on a 30 day Eurodollar time deposit for immediate delivery is 95.10 percent. What is the basis risk for the futures contract
Answers (1)
Supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in
Answers (1)
In 2009, based on concepts similar to those used to estimate U. S. employment figures, the Italian adult non - institutionalized population was 51.070 million, the labor force was 24.710 million, and the number of people employed was 22.765 million.
Answers (1)
Chang industries has 1,800 defective units of product that have already cost $13.80 each to produce. a salvage company will purchase the defective units as they are for $4.80 each.
Answers (1)
New Questions in Business
Mike wants to open his own repair shop, and is considering using his savings of $30,000 to get it started. He is currently earning 3 percent interest on his savings.
Answers (1)
Which best describes what a central bank uses monetary policy to do? ensure that the government has a balanced budget influence financial institutions globally ensure that the government is sufficiently funded steer the economy away from recession
Answers (2)
Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. 3. Earned $59,000 of cash revenue. 4.
Answers (1)
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $118,500 and $125,600, respectively. During the year, actual overhead was $108,000 and actual direct labor cost was $115,800.
Answers (1)
Individuals who pay less of their own health care costs may have an incentive to use health care resources more frequently and to engage in riskier behaviors. The problem is known as: A. asymmetric information. B. adverse selection. C. moral hazard.
Answers (1)
Home » Business » Which of the following is correct regarding a petty cash fund? A petty cash fund is used for minor purposes. A petty cash fund represents cash on hand at the business for quick access.
Sign Up Forgot Password?