Island Equipment Wants to Increase the Size of Its Petty

question 142

Multiple Choice

Island Equipment wants to increase the size of its petty cash fund from $350 to $440. Island Equipment will:

• A)not be allowed to do this, $440 is too large for a petty cash fund.
• B)debit Cash, $440; credit Petty Cash $440.
• C)debit Petty Cash $440, credit Cash $440.
• D)debit Petty Cash $90, credit Cash $90.

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Definitions:

Sociocultural Environments

The societal and cultural factors that influence an organization's operations, including norms, values, customs, and demographics.

Opportunities

External factors or situations that can be leveraged by a business or organization to achieve its goals.

Threats

External factors or circumstances that could cause harm to an organization or project, often identified in a SWOT analysis.

Total Budget Competitors

Companies or entities competing within the same market that allocate similar amounts of financial resources towards their operations and marketing efforts.