What is Petty Cash? How is a petty cash system operated and controlled? Which internal control principles do you think are the most important to safe guard petty cash? Why? 

What limitations may internal controls have on petty cash?

Answer rating: 100% (QA)

Petty cash refers to a small amount of cash that a company keeps on hand to cover minor expenses such as office supplies postage or small incidental purchases It provides a convenient way to handle th... View the full answer