Which of the Following Is a CORRECT Statement About the Petty

question 102

Multiple Choice

Which of the following is a CORRECT statement about the petty cash fund?

• A)To set up the petty cash fund,a check is issued to the chief financial officer.
• B)The custodian of the fund has sole responsibility for accounting for the fund.
• C)The cash in the fund must always equal the opening balance of the fund.
• D)The petty cash fund must be maintained at a bank.

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