Petty Cash Is Accounted for by Maintaining a Constant Balance

question 29

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. Such a system is known as the:

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

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Definitions:

Purchasers Rights

Legal entitlements or protections that buyers have when they purchase goods or services.

Goods

Physical items that are produced or natural, which can be bought, sold, or traded in the market.

Description

A detailed account or explanation of the characteristics or features of something.

Statutory Assignment

A transfer of rights or benefits from one party to another, as permitted or required by statute or law.