Once Keeler Monroe Had Decided He Wanted to Quit Working

question 47

Multiple Choice

Once Keeler Monroe had decided he wanted to quit working as a tax preparer and go into some kind of business for himself,he did a self-assessment.What will his next step be?

• A) to create a business plan
• B) to determine where the funding will come from
• C) to find the idea for his business
• D) to look for customers

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Definitions:

Petty Cash Account

A small amount of cash kept on hand within a business for minor, routine expenses.

Petty Cash Overage

A situation where the amount of petty cash on hand is more than the recorded amount, indicating discrepancies in transactions or recording errors.

Auxiliary Petty Cash Record

A supplementary accounting register used to track small or incidental expenses paid out in cash, aiding the main petty cash system.

Petty Cash Voucher

A petty cash form to be completed when money is taken out of petty cash.