Question 11 (2 points)

The petty cash fund should be large enough to make disbursements for a reasonable period, such as a month.

Question 11 options:

True

False

Question 12 (2 points)

The reason for replenishing the fund at the end of the accounting period is thatno record of the fund expenditures is in the accounts until the check is written and a journal entry is made.

Question 12 options:

True

False

Question 13 (2 points)

The Sarbanes-Oxley Act (SOX) increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements

Question 13 options:

True

False