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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.
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