The petty cash fund should be replenished for the a. total amount for which the account was originally set up. b. amount of receipts plus cash on hand. c. amount needed to bring the petty cash fund back to its established amount. d. amount of expenses estimated for the next period. Cash equivalents by definition a. are a comparison of cash and liabilities. b. are expected to be converted to cash within three months. c. are long-term investments. d. will be converted to cash within one year. A bank statement a. is a bill from the bank for services rendered. b. provides a summary of all checking account transactions recorded by the bank. c. is a credit reference letter written by the depositor's bank. d. lets a depositor know the financial position of the bank as of a certain date. Which one of the following is not an element of internal control? a. Control procedures b. Management's philosophy and operating style c. Risk assessment d. Monitoring