What is a petty cash fund used for?
What will be an ideal response?
When the amount of office expenditure is small and payment should be made immediately, it may be more
convenient to pay cash rather than write a check. To provide cash to pay for incidental items, such as messenger
service, postage due on a package, or emergency purchases of office supplies, organizations establish a petty cash
fund. The fund can range from $10 to $100 or more, depending on the cash needs for a certain period, usually a
month. Even though the fund is used to make miscellaneous payments, the petty cash fund must be accounted for.
You might also like to view...
Managers who practice positive organizational behavior believe ______ is the most important resource.
A. human capital B. equipment C. cash liquidity D. raw materials
At the end of each day, the cashier should be the one responsible for comparing the amount on the cash register tape with the day's cash additions to the cash register
Indicate whether the statement is true or false
The supervisor who holds monthly sales force meetings to explain specific goals for the future and changes in policy and procedure is exhibiting:
A) consideration B) structure C) performance analysis D) recognition E) strategy
Social psychological theories regarding diversity, social identity, and intergroup relations have been developed primarily in two locations: Western Europe and ______.
a. Asia *b. North America c. South America d. Central America