What does it mean for a petty cash account to be replenished?
Question:
What does it mean for a petty cash account to be replenished?
Petty Cash:
Petty Cash Fund is a component of cash and and cash equivalents which is set by the company to cover the payment and disbursements of the petty expenses of the company. These expenses should not include the recurring expenses of the company.
Answer and Explanation: 1
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View this answerThe establishment of a petty cash fund follows the imprest fund system which charges expenses through the petty cash amount. When a petty cash account...
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Chapter 3 / Lesson 23Understand petty cash in accounting. Find out how a petty cash journal entry is made. Read about transactions using petty cash, its advantages and its disadvantages.