An Employee Assigned the Responsibility for Overseeing the Petty Cash

question 45

True/False

An employee assigned the responsibility for overseeing the petty cash fund is called the Accounts Receivable clerk.

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Definitions:

Accrual Basis of Accounting

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.

Cash Receipts and Disbursements

An accounting method that tracks the actual cash flow, recording revenues when received and expenses when paid.

Shareholders

Individuals or entities that own one or more shares of stock in a corporation, giving them ownership interest.

Form 1099-DIV

A tax form issued by banks and financial institutions to investors who receive dividends and distributions from any type of investment during a calendar year.