Which of the Following Would Be Included in the Entry

question 31

Multiple Choice

Which of the following would be included in the entry to record the replenishment of a petty cash fund?

• A)A credit to Petty cash
• B)A debit to Cash in bank
• C)A credit to various expenses and assets
• D)A credit to Cash in bank

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Definitions:

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.

Variable Costs

Costs that change in proportion to the level of goods or services that a business produces.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Variable Cost

A cost that depends on the level of production chosen.