What are the key steps involved in operating a petty cash fund according to the given context? Establishing the fund, appointing a custodian, and making accounting entries for payments as they occur. Appointing a custodian, determining the size of the fund, and making accounting entries for payments as they occur. Establishing the fund, documenting expenditures, and replenishing the fund as needed and at the end of each accounting period. Determining the size of the fund, appointing a custodian, and replenishing the fund as needed and at the end of each accounting period