Petty Cash Is Accounted for by Maintaining a Constant Balance

question 100

Multiple Choice

Petty cash is accounted for by maintaining a constant balance in the petty cash account,supported by the fund (cash plus payment tickets) totaling the same amount.What is this system called?

• A) A control system
• B) A voucher system
• C) A balanced system
• D) An imprest system

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Definitions:

Behavioral Economics

A field of economic research that examines the psychological and emotional factors affecting people's economic decisions and actions.

Neoclassical Economics

A branch of economics focusing on the determination of goods, outputs, and income distributions through supply and demand as mediated by prices.

Fairness

Fairness is a concept reflecting equitable, impartial, and just treatment or behavior without favoritism or discrimination.

Maximum Satisfaction

Refers to the highest level of contentment or utility that a consumer can achieve from consuming goods and services, given their budget constraints.