These principles help companies control multiple aspects of the business, especially their cash. Cash is an important portion of any business; there is even a financial statement dedicated to tracking the company's cash flows.

In your post and in your own words: 

Responding to the following 

1) Define Petty Cash and how a petty cash system operated and controlled.

• 2) Discuss which internal control principles you think are the most important to safeguard petty cash and explain why
• 3) Explain the limitations that internal controls have on petty cash.