The Total of Cash in the Petty Cash Box Plus

question 92

True/False

The total of cash in the petty cash box plus the amount of the petty cash ticket receipts should total the beginning amount of the petty cash fund.

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Definitions:

Journal

A book or digital record where financial transactions are initially recorded in chronological order.

Ledger Accounts

Records that summarize all the transactions related to a particular aspect of a business's finances, such as assets, liabilities, equity, revenue, and expenses.

Unearned Revenues

Income received by a company for goods or services yet to be delivered or performed, considered a liability until earned.

Revenues

The total income generated by a company from its normal business operations, before any expenses are subtracted.