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

Balance Sheet, can you show me a sample balance sheet with retained earning...

can you show me a sample balance sheet with retained earnings included?

Relevance information to financial reporting, Q. Relevance information to f...

Q. Relevance information to financial reporting? To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone

Trial balance, 2013, May 1st: 1 started in bnusiness with capital in cash o...

2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515

Explain about accounting applications, Q. Explain about accounting applicat...

Q. Explain about accounting applications? Early on accounting applications were in accounts receivable, payroll, accounts payable, and inventory. Within some years programs exi

Define the term - liabilities, Define the term - LIABILITIES Liabilitie...

Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.

Scheduled for production, Lego Toys is planning to produce new toys at its ...

Lego Toys is planning to produce new toys at its factories.  The setup cost of the production facilities, production costs and profits for each toy are given below: Toy    Setup c

Shareholders and investors, Shareholders and Investors: as shareholders an...

Shareholders and Investors: as shareholders and the other investors have invested their wealth in a business activity, they are interested in understanding periodically regarding

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