Review the following statements and select the ones which accurately describe a Petty Cash fund. Select all
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Question:
Review the following statements and select the ones which accurately describe a Petty Cash fund. Select all answers which apply
1) It is used to avoid the time and cost of writing checks for small amounts
2) It is an expense reported on the income statement
3) It is an account used to record small sales amounts
4) It is an asset reported on the balance sheet
5) It is established to pay for small payments like postage, courier fees, etc
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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