Question: A difference between an imprest payroll account and a petty cash fund, is petty cash is: not held at the bank. a special account at

A difference between an imprest payroll account and a petty cash fund, is petty cash is:

  • not held at the bank.

  • a special account at the company's bank.

  • used for payroll.

  • better controlled.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

1-1 Explain the components that make up the definition of consumer behavior.

Q:

10. Match six of the terms (a-k) with the descriptions/definitions provided below (1-6). 1. bank reconciliation 2. branch cash account 3. cash equivalents 4. cutoffbankstatement 5. general cash...

Q:

6 . What types of inquiry techniques might an auditor use when making inquiries of client personnel? What are the uses of each technique? 7 . Discuss the key internal controls that should be present...

Q:

Please help me with my homework. REMINDERS! *In problem 1-8 use the imprest fund system. *give explanations to every entries. PROBLEMS Problem 1-1 (LAA) On December 31, 2020, Albania Company provided...

Q:

Earthwear Clothiers Cash Testing December 31, 2016 Background: You are a staff auditor with Willis & Adams, CPAs. You have been assigned to the Earthwear Clothiers 2016 year end audit. Your senior...

Q:

PROBLEM 7 An account of the petty cash fund showed composition as follows: Coins and currency P2,500 Paid vouchers Transportation P900 Gasoline 600 Office Supplies 550 Postage Stamps 350 Due from...

Q:

4. Joan Company prepared the following bank reconciliation dated June 30 of the current year. Balance per bank 9,800,000 Deposit in transit 400,000 Outstanding checks (1.400.000) Balance per book...

Q:

Can someone help me find the answer and solutions for these questions? Ace company provided the following information on December 31,2020: Petty cash fund 50,000 Current account - First Bank...

Q:

Please answer these two attached files. I need all these by next week. Thanks! MBA Final Examination: You decided to open a Merchandising business in Davao City on December 1, 2015 under your name...

Q:

Wrote a $350 check to establish a petty cash fund. Note: Enter debits before credits. Prepared a company check for $350 to establish the petty cash fund. Note: Enter debits before credita....

Q:

hi i need help for Computer Applications In Accounting If your journals do not agree with the textbook illustrations, which Sage 50 feature could you use? A. Tasks; general journal transaction B....

Q:

Prove:- The defect of a triangle in (RG) is an area function.

Q:

Let A be the matrix A = Z 3 2 X 1 3 2 Y 5 where x, y, and z are variables. (a) Compute the adjoint matrix of A (this will still involve the variables x, y, and z). (b) Compute the product of the...

Q:

Which one of the following statements is true? Multiple Choice Shaveholders of an acquired company reed not pary taws if they receive shares in the acquirer instead of cash Tramaction and issue cests...

Q:

A boy is carrying a fish in one hand and a bucket full of water in the other hand. He then places the fish in the bucket thinking that in accordance with Archimedes principle, he is now carrying less...

Q:

Part IV: For the number sequencing computer, assume that the LOC input is tied to the least significant bit of the DOUT bus. For the program of the table below. 1) Write the DOUT values for the first...

Q:

You want to design a small remotely operated power tool and expects it to require 100 W and weigh not more than 1 kg. You plan to use it continuously for 1 hour. You have to decide whether to use a...

Q:

A solid cone of height H, radius R suspended by a string is just submerged in a liquid of density s as shown in the figure. Find the magnitude of the net force applied by the liquid on the curved...

Q:

Boyce Company beginning inventory and purchases during the fiscal year ended September 30,20-2, were as follows: There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units....

Q:

Question number : 2 Research online and then compare Level, Chase & Mixed production strategies and provide your key insights of each one of these strategies with examples. ( 10 marks) Length of the...

Q:

What are possible safety concerns? Explain.

Q:

If the company set a goal of reducing the 2017 injury rates by 10 percent for 2018, how many accidents would there be for: (a) manufacturing overall; (b) warehouse overall; and (c) company overall....

Q:

What would you do if you were in Margarets shoes?