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dentify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Identify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.

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Accounting for Cash and cash equivalents

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Similar questions

Keeping cash locked away is an example of which control activity? a. Authorization b. Performance reviews • c. Physical control d. Segregation of duties
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List at least 5 control measures per principle of control activities which an organization may implement to establish internal control procedures. What internal control features exist in a petty cash fund?
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