A Petty Cash Fund Was Established with a $350 Balance

question 79

Multiple Choice

A petty cash fund was established with a $350 balance. It currently has cash of $41 and petty cash tickets totaling $309. Which of the following would be included in the entry to replenish the fund?

• A)a credit to Petty Cash for $309
• B)a debit to Petty Cash for $41
• C)a credit to Cash for $41
• D)a credit to Cash for $309

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Definitions:

Control Process

The systematic procedure organizations use to direct, regulate, and manage their operations and resources towards achieving set objectives.

Performance Objectives

Specific, measurable goals set to evaluate the effectiveness of employees or organizational processes.

Performance Measurement

The process of evaluating the efficiency and effectiveness of action, often through quantifiable metrics or benchmarks.

Output Standards

The specific quantitative measurements or outcomes expected from a job or task.