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Why is it important to have a petty cash fund available in a company? Is it required to have only one petty cash cashier, or

  • Why is it important to have a petty cash fund available in a company?
  • Is it required to have only one petty cash cashier, or should the company appoint more than one person to administer the fund? Why? Explain your response.
  • What is the purpose of the bank reconciliation?
  • What should be done if differences are found between the bank statement and the book account?

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