The Auditors Should Count Small Petty Cash Funds at Year-End

question 57

True/False

The auditors should count small petty cash funds at year-end to make sure that balance is not understated on the financial statements.

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Definitions:

Specific Performance

A legal remedy that requires a party to fulfill their contractual obligations, rather than just paying damages.

Rare Books

Books considered valuable due to their scarcity, age, historical significance, or other unique features.

Personal Services

Services offered by individuals or businesses which are performed directly for customers' personal needs.

Statute Of Limitations

Regulations defining the ultimate deadline by which lawsuits must be filed following an incident.