Explain about the petty cash, Accounting Basics

Assignment Help:

Explain about the Petty Cash

Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude how much cash needs to be on hand.

  • It needs to be secure and with only one person in charge.
  • Vouchers should be kept to show usage.
  • There needs to be supporting documentation (Auxiliary Record) to summarize and record expenditures.

 


Related Discussions:- Explain about the petty cash

Explain about stockholders equity, Q. Explain about Stockholders equity? ...

Q. Explain about Stockholders equity? Stockholders' equity demonstrates the owners' interest in the business. This interest is equivalent to the amount contributed plus the inc

Is the interest on a note receivables recorded, Is the interest on a note r...

Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit

Internal control devices for banking activities, Internal control devices f...

Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 01.) True 02.) False True or False?

Help., How would I do this make it and adjustment account revenue 300.00 of...

How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280

After the closing entries are posted to the ledger, After the closing entri...

After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. e

Preparing a separate trial balance, Q. Preparing a separate trial balance? ...

Q. Preparing a separate trial balance? As an alternative of preparing a separate trial balance as accountants uses the Trial Balance columns on a work sheet. The numbers and ti

Explain about going-concern concept, Q. Explain about Going-concern concept...

Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite

Concept of accounting, what is the implication of applying accounting conce...

what is the implication of applying accounting concept wrongly

Objective of recording business transactions, Q. Objective of Recording bus...

Q. Objective of Recording business transactions? - Use the account as the essential classifying and storage unit for accounting information. - Articulate the effects of busi

Write Your Message!

Captcha
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!

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