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

A light truck is purchased on january 1 at a cost of $27, A light truck is ...

A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t

Accounting for investments, Contain the relevant authoritative literature o...

Contain the relevant authoritative literature on accounting for investments in held-to-maturity securities using the FASB's Codification Research System. What is the specific citat

Question, What is the implication of applying accounting concepts wrongly

What is the implication of applying accounting concepts wrongly

Lower of cost or market inventory, Lower of Cost or Market Inventory ...

Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol

Using the break-even equations to solve for price, using the break-even equ...

using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 6

Explain user account control in windows vista, User account control is mean...

User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan

Numbers and measurements are the language of business., Numbers and measure...

Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department

Accounting systems from manual to computerized, Q. Accounting systems from ...

Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and

What are the various means of calculating depreciation, 1. Double declining...

1. Double declining method 2. Units of production method 3. Sum of year digit method 4. Straight-line method Depreciation Fund Method Insurance Method Annualy Method

Prepare a narrative describing the transaction cycle process, Assignment: ...

Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages