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

Exploration cost, is exploration cost for mining companies regarded as asse...

is exploration cost for mining companies regarded as assets or expense?

Books of original entry, how is withdrawaL OF goods by owner for personal u...

how is withdrawaL OF goods by owner for personal use treated in the books

Define bear market, Bear Market Bear market is a market in which stock...

Bear Market Bear market is a market in which stock prices are expected to fall.

Journal and ledger, ledger is said to be the principal book entry and the t...

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?

Provision for bad debts, A business had always made a provision for doubtfu...

A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa

T Accounts, Provided services on credit to Yamato P/L $5 900. How do we ap...

Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts

Change in accounting method for inventory, Q. Change in accounting method f...

Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely

COMMON SIZE STATEMENTS, RATIO ANALYSIS

RATIO ANALYSIS

What is dividend, Q. What is dividend? One idea of the statement of ret...

Q. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c

Project, what are the basic theory of accounting

what are the basic theory of accounting

Write Your Message!

Name

Email id

Message

Verfication Code

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

User Account

All Pages