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Petty Cash is an asset shown on the balance sheet. 23) The Petty Cash account is used to

 Petty Cash is an asset shown on the balance sheet.

23) The Petty Cash account is used to pay for small items such as postage stamps and supplies.

24) An employee assigned the responsibility for overseeing the petty cash fund is called the custodian.

25) The normal balance of the Petty Cash account is a credit.

26) The Petty Cash account should always be debited when the fund is replenished.

27) A credit to petty cash is made to replenish the fund.

28) Petty Cash could be used to purchase a box of paper clips if required.

29) The auxiliary petty cash record is not a journal.

30) The auxiliary petty cash record is used to post to the ledger.

31) A shift in assets occurs when a petty cash account is established.

32) If the petty cash fund is too large, the Petty Cash Fund account should be increased.

Dec 06 2019 Read more Less More

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