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

What does the 2011, At December 31, 2011 and 2010, Miley Corp. had 180,000 ...

At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl

Invetory, beginning inventory,purchase,and sales data for commodity A are a...

beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22

Explain financial accounting information, Q. Explain Financial accounting i...

Q. Explain Financial accounting information? A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparison

Ethics on corporate governance, Critique the Ethics of those involved in th...

Critique the Ethics of those involved in the News of the World phone hacking scandal. Demonstrate in your critical analysis how the use of Ethics by the parties involved could have

Importance of proper inventory valuation, Q. Importance of proper inventory...

Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i

What do you mean by consigned goods, Q. What do you mean by consigned goods...

Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus

Why is the cash basis of accounting, Why is the cash basis of accounting no...

Why is the cash basis of accounting not used when preparing financial statements?

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