Which of the Following Is NOT a Recommended Control for the Petty

question 119

Multiple Choice

Which of the following is NOT a recommended control for the petty cash fund?

• A)Designate a custodian for the petty cash fund.
• B)Document all payments with a written record.
• C)Keep the fund in a safe, locked location.
• D)Ensure all employees have access to the fund.

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Definitions:

Cigarette Taxes

Taxes imposed on the sale of cigarettes to increase revenue for the government and discourage smoking by raising prices.

Inelastic

A characteristic of demand or supply that shows a small response or change to variations in price levels.

Excise Tax

A tax levied on specific goods, services, and activities, such as alcohol, tobacco, and gasoline, often to discourage their use or generate revenue for a specific purpose.

Demand for Pumpkins

denotes the consumers' willingness and ability to purchase pumpkins at various prices, influenced by factors such as seasonality, price, and consumer preferences.