Which of the Following Is an Important Duty of the Petty

question 100

Multiple Choice

Which of the following is an important duty of the petty cash custodian?

• A) signing the cheque that reimburses the petty cash fund
• B) recording all petty cash expenditures in the company's accounting records
• C) preparing the bank reconciliation for the petty cash account
• D) maintaining supporting documentation for all payments made from the petty cash fund

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Definitions:

Inflation Rate

The percentage increase in the price level of goods and services in an economy over a period of time, typically measured on an annual basis.

Government Control

Government control refers to the mechanisms, regulations, and actions taken by a government to oversee, direct, or manage its country's economic activities, industries, or individual behavior.

Public Outlays

Government spending or expenditure, including costs on public services, infrastructure, and social welfare programs.

Natural Resources

Naturally occurring materials or commodities valuable for their intrinsic properties and used by humans for production, such as minerals, forests, and water bodies.