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The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
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What are the 3 controls over petty cash?
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
What is the similarity of cash book and petty cash?
petty
What are the advantages of a Imprest system for petty cash?
An Imprest system of petty cash is used for more control over cash in hand. In an Imprest system, the amount in hand plus the amount of all receipts should be equal to petty cash balance. If at any time cash in hand and receipts do not equal the fixed amount of petty cash, then investigation should be done about the discrepancy.
What are the difference of petty cash voucher and petty cash book?
petty cash voucher is released by the handler of the funds to support every payments made. petty cash book contains a summary of all petty cash disbursements, its total and the balance.
Analytical petty cash book?
The petty cash book which is prepared in columnnor form is called anylatical petty cash book
What is called as petty cash book?
petty cash book is the book which is used for the purpose of recording the payment of petty cash expenses.
What is petty cash receipt?
A petty cash receipt is an invoice or receipt for items or services bought out of petty cash. Petty cash is the small amount of cash usually held by businesses for one off small items.
Is the entry to establish a petty cash account a debit to petty cash and credit to cash?
yes. the entry should be: petty cash fund debit cash in bank credit
Is a debit to petty cash money that is taken out of petty cash?
credit
How can you use the word Petty in a sentence?
"Why are we fighting over such a petty thing?" "Petty disagreements kept the legislature from acting on the bill." "The shopkeeper kept his petty cash under lock and key."
What is journal entry for petty cash?
Debit petty cashCredit cash / bank
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
