Which of the Following Is a Correct Statement About the Petty

question 22

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 sum of 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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Definitions:

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Three Phase Approach

A model that divides a process or treatment into three distinct stages for better management and outcomes.

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