User Account

All Pages

Which of statements in relation to petty cash is incorrect

Assignment Help Financial Accounting
Reference no: EM133009795

Problem 1: Which of the following statements in relation to petty cash is incorrect?

a. Entries are made to the petty cash account only to increase or decrease the size of the fund or to adjust the balance if not replenished at year-end
b. The petty cash fund is reported as part of current assets.
c. The petty cash account is debited when the fund is replenished.
d. The imprest petty cash system in effect adheres to the rule of disbursement by check.

Reference no: EM133009795

Questions Cloud

What is the cash balance per books at may : What is the cash balance per books at May 31? Deposit of May 30 not recorded by bank until June 1 - 4,880; Proceeds of a bank loan of May 30.
What is the appropriate test statistic : What is the appropriate test statistic for this test situation - Compute the p- value for the test in b. and draw the appropriate management Conchusion
Which is concerning measurement of cash and cash equivalents : Which is concerning measurement of cash and cash equivalents? Cash equivalents should be measured at maturity value, meaning face value plus interest.
Which is not considered as a cash equivalent : Which is not considered as a cash equivalent? A three-year treasury note maturing on May 30 of the current year purchased by the entity on April 15.
Which of statements in relation to petty cash is incorrect : Which of the statements in relation to petty cash is incorrect? The imprest petty cash system in effect adheres to the rule of disbursement by check.
What trade can you put on to monetize the miss pricing : What trade can you put on to monetize the miss pricing and What is the forward prices institution C sent to the client? Explain how she calculated it
Which of statements in relation to bank reconciliation true : Which of statements in relation to bank reconciliation is true? The cash amount reported in the statement of financial position must be.
What is the correct cash in bank balance : What is the correct cash in bank balance? Carefree Company's newly hired assistant prepared the following bank reconciliation on March 31, 2012
What the corrected cash balance for charm carpet cleaning : What the corrected cash balance is? At the end of July, the balance in the general ledger checking account, was P2,750 and the bank balance on bank statemet.n

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd