When It Comes Time to Replenish Petty Cash, How Should

question 33

Multiple Choice

When it comes time to replenish petty cash, how should it occur?

• A) It should be replenished in even $100 increments.
• B) It should be replenished to the projected amount needed by its manager.
• C) It should be replenished by totaling its receipts.
• D) It should be replenished during the adjustment process routinely, regardless of its use.

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Definitions:

Key Management Personnel

Individuals having authority and responsibility for planning, directing, and controlling the activities of an entity, typically including top-level managers and directors.

Disclosure Exemption

Situations under which a company is allowed not to disclose certain information that would normally be required by accounting standards.

Government Agency

An organization at the federal, state, or local level that administers specific functions on behalf of the government.

Subsidiaries

Companies that are controlled by a parent company through majority ownership or significant control over management decisions.