Which of the Following Procedures Are Typically Used When a Petty

question 75

Multiple Choice

Which of the following procedures are typically used when a petty cash fund is established?

• A)Assigning a petty cash custodian.
• B)Use of petty cash vouchers.
• C)Physical control over the petty cash fund.
• D)All of these procedures are used when a petty cash fund is established.

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Definitions:

Incidental Beneficiary

A third party who benefits from a contract between two other parties, although the benefit was not the reason the contract was formed.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, particularly where the contract's intent is to gift something to the beneficiary.

Creditor Beneficiary

A third party that benefits from a contract in which one party promises to pay a debt owed to the third party by the other contract party.

Promisee

The party in a contract who is promised something by another party (the promisor) and stands to benefit from the fulfillment of that promise.