Mercury Company Established a Petty Cash Fund with a $600

question 109

Multiple Choice

Mercury Company established a petty cash fund with a $600 balance.Which of the following statements is incorrect?

• A) A journal entry is needed to debit the Cash account and credit the Petty Cash account for $600.
• B) There is no net effect on current assets.
• C) The sum of the cash plus the total of the petty cash tickets should equal $600 at all times.
• D) The petty cash custodian cashes a check for $600 and places the currency in the petty cash fund box.

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Definitions:

Small Lot Sizes

The production strategy that involves manufacturing smaller quantities of items to reduce inventory levels and respond quickly to customer demands.

Diversification

Diversification is a risk management strategy that involves spreading investments across various financial instruments, industries, or other categories to minimize risk.

JIT Systems

Systems based on the just-in-time principle that focus on continuous improvement by eliminating waste and only producing what is needed, when it is needed.

Layout

The arrangement of physical elements in a space, such as machinery in a factory or furniture in a room, optimizing efficiency and workflow.