Vega - CB14 - Petty Cash: An amount of money issued to a department used on a revolving basis to pay for expenses of a nominal amount when other procurement methods are not practicable or when cash is required.
Questions and Answers
In a Petty Cash context, Cash includes:
Credit Card Receipts
Petty cash should be used on an ______________ basis.
Petty Cash should be used for:
Loans to employees
To open outside bank accounts
Expenses of a nominal amount
Official business functions
Petty Cash funds are usually the least desirable form of payment because they are ________ secure.
Petty Cash funds are always limited to:
5 percent of the day's sales
Whatever the fund custodian needs
None of the above
A custodian is the employee directly responsible for the fund.
Petty Cash transactions must always be recorded with:
CEO of the company
A and C
Audits of funds are usually conducted, but not required.
Do not ____________ petty cash funds with other accounts.
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Questions: 15 | Attempts: 3916 | Last updated: May 18, 2022
To be reported as part of cash and cash equivalents, the cash and cash equivalent must be: