Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is a CORRECT statement about the petty cash fund? A. The petty cash fund must be maintained at a bank. B.

Which of the following is a CORRECT statement about the petty cash fund?

A.

The petty cash fund must be maintained at a bank.

B.

The cash in the fund must always equal the opening balance of the fund.

C.

To set up the petty cash fund, a check is issued to the chief financial officer.

D.

The custodian of the fund has sole responsibility for accounting for the fund.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles Practice And Problems

Authors: Jagdish Prakash

1st Edition

9327244745, 978-9327244748

More Books

Students also viewed these Accounting questions