Indicate Whether Each of the Following Items Regarding Petty Cash

question 80

Short Answer

Indicate whether each of the following items regarding petty cash is true or false.
_____ a) The establishment of a petty cash fund is an asset exchange transaction.
_____ b) The replenishment of a petty cash fund is an asset source transaction.
_____ c) At any time, the total of the petty cash vouchers plus the remaining coins and currency should equal the balance of the Petty Cash ledger account.
_____ d) If a shortage occurs, a credit is entered to the Cash Short and Over account.
_____ e) There is no journal entry made in the accounting records at the time when petty cash funds are disbursed.

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Definitions:

Scheduling Conference

is a court proceeding where the judge and participating parties discuss the timeline and procedures that will govern the progress of the case.

Scheduling Order

A court order that sets the timeline for various proceedings or actions in a case to take place.

Summary Judgment

A legal determination made by a court without a full trial, when there's no dispute over the material facts of the case.

Serve Process

The act of officially delivering legal documents, such as summons or complaints, to a defendant in a lawsuit.