Describe about petty cash fund.

Q: The petty cash fund eliminates the need for a bank checking * .account

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

Q: A voucher system is an example of an internal control procedure over cash payments. True False

A: Voucher: It is a document that states the evidence of a business transaction.

Q: Which of the following does not show good cash management regarding the controls over cash…

A:

Q: When a petty cash fund is first established and reimbursed, the journal entries to record the…

A: when Petty cash Fund is First Establish the journal entry is   Petty cash A/c Dr.          To Cash…

Q: The amount for the bank error will be recorded on the bank reconciliation statement on the ....

A: A bank reconciliation statement is prepared to match the balance of cash in the books of company…

Q: A minimum cash balance required by a bank is called a.a compensating balance b.an EFT c.cash in…

A: Minimum cash balance : Customers of bank need to maintain minimum balance on their accounts. Minimum…

Q: Which of the following items should not be included in the Cash? O A. Petty cash and change funds…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: petty cash fund f

A: The journal entries to record petty cash transactions include entries for establishment,…

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

Q: The petty cash fund eliminates the need for a bank checking account

A: A petty cash fund is a small amount of money that an organization keeps on the premises to pay for…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: pare Journal Entry to establish Petty Cash Fund

A: Meaning of Petty Cash book: It is the subsidiary book of main cash book where all the small day to…

Q: What is petty cash?

A: Petty Cash:-Petty cash is the available fund for small expenses made by the management. These…

Q: (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: The entry to establish a petty cash fund includes: Multiple Choice A debit to Cash and a credit to…

A: Entry to Establish Petty cash is   PARTICULAR DEBIT CREDIT       PETTY CASH             TO…

Q: What are some effective procedures for handling petty cash

A: The expression 'petty cash' alludes to a reserve of money set aside to pay little, day-to-day office…

Q: petty cash fund. Di

A: 1.Establish petty cash fund 2.Record petty cash expenses 3.Replenish petty cash fund

Q: What is “Deposit in transit” in bank reconciliation?   Select one: A. Subtracted From the Cash…

A:

Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: I understand how to journalize petty cash, but what I don't understand is how to journalize funds…

A: Petty Cash is the cash taken out for the total cash in hand available for the company. Petty Cash is…

Q: Petty cash is used to?

A: The petty cash fund should be replenished every month. So that accounts can be maintained easily and…

Q: Distinguish between skimming and cash larceny.

A:

Q: QUESTION 1 a) Explain the reasons for the difference between the cash book and bank statement. b)…

A: Cash book is the book in which all the transactions of the business which involves cash is recorded.…

Q: Define Petty Cash.

A: Petty cash: A petty cash is a small amount of cash on hand maintained by the companies to pay the…

Q: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

Q: Which item is not considered cash and cash equivalents on the balance sheet? a. Unrestricted funds…

A: Cash equivalents are the near-cash items, which are readily convertible into cash. Cash equivalents…

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…

Q: Which of the following does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

Q: Petty Cash Fund Entries

A: Petty cash fund is the amount of cash set aside for meeting the daily expenses.

Q: why is petty cash fund deducted in the book balance of the entity when making bank reconciliation?

A: A petty cash fund is a fund where some money is kept separately to pay for minor expenses such as…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: The treasurer is solely responsible for the petty cash fund. A) True B) False

A: Petty cash funds are those funds which are established for small petty expenses of the business.…

Q: Which of the following does not belong to the group?   Petty cash fund Accounts Receivable…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: What Petty Cash involves, choose the best answer: Select one: O a. Borrow the fund, making payment…

A: Petty cash, also known as the petty cash reserve, is a small sum of cash on hand that is used to pay…

Q: why control over receivables is not quite as important as control over cash

A: Accounts receivables reflect the amount owed by the credit buyers of an organization. In simple…

Q: What is the use of a petty cash fund?

A: A petty cash fund is a fund created to pay small expenses. No journal entry is passed for each…

Liquidity Risk Exposure

Answer: c