Oak Grove Inc. has a petty cash fund of $1,500. (a) Since the petty cash fund is
Question:
(a) Since the petty cash fund is only $1,500, should Oak Grove Inc. implement controls over petty cash?
(b) What controls, if any, could be used for the petty cash fund?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
a Yes Even though the petty cash fund is only 1500 ...View the full answer
Answered By
Rukhsar Ansari
I am professional Chartered accountant and hold Master degree in commerce. Number crunching is my favorite thing. I have teaching experience of various subjects both online and offline. I am online tutor on various online platform.
5.00+
4+ Reviews
17+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Spectacle Inc. has a petty cash fund of $2,000. (a) Since the petty cash fund is only $2,000, should Spectacle Inc. implement controls over petty cash? (b) What controls, if any, could be used for...
-
Seatow Inc. has a petty cash fund of $2,500. (a) Since the petty cash fund is only $2,500, should Seatow Inc. implement controls over petty cash? (b) What controls, if any, could be used for the...
-
A small company maintains a petty cash fund for minor expenditures. In February and March 2014, the following transactions took place: a. The fund was established in the amount of $200.00 on Feb. 1...
-
Distance between Cars (Refer to Example 6.) At 9:00 A.M. car A is traveling north at 50 miles per hour and is located 50 miles south of car B. Car B is travel- ing west at 20 miles per hour. (a) Let...
-
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales..........................$18,500,000....................$20,000,000 Beginning...
-
Which of the following diagrams represent diatomic molecules, polyatomic molecules, molecules that are not compounds, molecules that are compounds, or an elemental form of the substance? (a) (b) (c)
-
The following purchase related transactions for Lavery, Inc., occurred during the month of September. Requirement 1. Journalize the transactions for Lavery, Inc. Omit explanations. Sep 3 Purchased...
-
On March 16, 1990, an Air Force SR-71 set a new continental speed record, averaging a velocity of 2112 mi/h at an altitude of 80,000 ft. Calculate the temperature (in degrees Fahrenheit) at a...
-
The flowing information for Sweet Corporation for 2004 ( 1x overtook precision $4000 This $4000 with 2 Deferral for book purposes of $21.200 of rent received in advance. The rere will be recognized...
-
Vista Company manufactures electronic equipment. In 2021, it purchased from an outside supplier the special switches used in each of its products. The supplier charged Vista $2 per switch. As an...
-
Do items reported as a credit memorandum on the bank statement represent (a) Additions made by the bank to the companys balance or
-
(a) How are cash equivalents reported in the financial statements? (b) What are some examples of cash equivalents?
-
Is it true that the NAV of a money market mutual fund never changes? How is this possible?
-
Instead of 1 loan been disbursed, assumed a portfolio of loans been disbursed with % distribution of tenure (on amount), interest rate and overall disbursal as follows : Overall portfolio disbursal...
-
The Centre for Equity Studies is a not-for-profit organization in Staten Island, New York, working in the human rights sector. Currently, because of the pandemic, the employees work from home. They...
-
Exercises You can download the answers to the chapter exercises from www.courseptr.com/downloads. 1. Complete the following statement. There are two types of intervals: intervals, which are those...
-
You have been hired as a junior financial analyst for an investment firm. Your manager has asked you to explain certain information for one of its investments - Maple Leaf Food Ine. An extract from...
-
Reflect on the opinion of the article. Please help me. 1. what is the article about 2. my own opinion of the article Gabriella Cruz-MartinezPersonal finance writer Home sales surge as buyers make...
-
A recent General Social Survey asked the following two questions of a random sample of 1492 adult Americans under the hypothetical scenario that the government suspected that a terrorist act was...
-
Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model. Andria Mullins, financial manager of Webster Electronics, has been...
-
Each of the following is a symptom relating to understatement of liability frauds except: a. Original purchase-related records where copies could exist. b. Denied access to records, facilities,...
-
Why is it necessary to reinstate a previously written off account receivable before the collection is recorded?
-
Why is it necessary to reinstate a previously written off account receivable before the collection is recorded?
-
What are some factors considered in estimating the amount of uncollectible accounts receivable?
-
Please identify a biotech company that is using CRISPR technology to design new medicines. Describe the medicine this company is trying to develop.
-
CB Winter Sports specializes in providing ski lessons to beginners. The company uses the allowance method to account for uncollectible accounts expense. CB Winter Sports experienced the following...
-
The market price of a share of common stock at the time of issuance was $17.00, while the market price of a preferred share of stock at the time of issuance was $26.50. The company paid $11.50 per...
Study smarter with the SolutionInn App