Can you buy a hand gun in ny if you have been arested for petty larceny?
What are the advantages of a Imprest system for petty cash?
An Imprest system of petty cash is used for more control over cash in hand. In an Imprest system, the amount in hand plus the amount of all receipts should be equal to petty cash balance. If at any time cash in hand and receipts do not equal the fixed amount of petty cash, then investigation should be done about the discrepancy.
Why business keep petty cash book?
Can petty cash be misappropriation of funds?
Petty cash is also called cash-in- hand as opposed to cash- at- bank. Where there is good system of internal control eg. petty cash float is established and maintained and occasional surprise csh count is undertaken a presponsible person, the possibility misapropriation of funds is rather very remote.
Asked in US Army, US Navy, US Marine Corps
Is a corporal a higher rank than leading rate?
The rank of Corporal and Leading Seaman are equivalent. The next level up is Sergeant (army) Petty Officer (navy). Although the American Navy turfs in a few extra pay grades under the Petty Officer rank. On the other hand the British Navy skips the rank of Petty Officer 2nd Class and goes right to Petty Officer 1st Class from Leading Seaman. Petty Officer 1st Class is equivalent to Warrant Officer in the Army. Confused?
Asked in Financial Statements, Accountants
Will petty cash in hand come in the income statement or balance sheet?
Asked in Royal Navy
What are the ranks on the royal navy?
For males the NCO ranks are Chief Petty Officer, Petty Officer and Leading Hand. The other ranks are: Admiral of the Fleet, Admiral, Vice and then Rear Admiral, Commodore, Captain, Commander, Lieutenant-Commander, Lieutenant, Sub-Lieutenant, and Acting Sub-Lieutenant. The woman have different rankings.
What is the meaning of imprest account?
An imprest account is one that always has the same balance; an exact amount of cash in deposited into the account for a known specific future purpose (such as an upcoming payroll), and the same amount leaves the account when the funds for that purpose are expended. The best example is Petty Cash. To start a Petty Cash fund, a firm initially writes and cashes a check for $250 (Dr. Petty Cash, Cr. Operating Account Cash), and puts the $250 cash in the office Petty Cash box. When a small purchase is made by an employee for the office (for stamps, etc), the employee is reimbursed from the Petty Cash box, and puts her receipt for the amount she was reimbursed in the Petty Cash box. The total in the box, between cash and receipts, is always $250. When the amount of petty cash left on hand in the office gets low and the Petty Cash funds must be replenished, the company writes and cashes a check for an amount equal to the total of all the receipts in the box, debiting the appropriate expense accounts and crediting Operating Account Cash. Cash in the amount of the check goes into the Petty Cash box, to bring the total Petty Cash back up to $250. No entry is made to the Petty Cash account since its balance should always be the original amount funded (in this example, $250).
Asked in Literature and Language, Definitions
What does the expression To have been dealt mean?
What is a petty cash book?
Definition and Explanation: In almost all businesses, it is found necessary to keep small sums of ready money with the cashier or petty cashier for the purpose of meeting small expenses such as postage, telegrams, stationary and office sundries etc. The sum of money so kept in hand generally termed as petty cash and book in which the petty cash expenditures are recorded is termed as petty cash book. In large business houses , the cashier has to handle every day a large number of receipts and payments and if in addition to this he is further saddled with petty cash payments, his position becomes embarrassing. Besides, it is most common to find with large commercial establishments that all receipts and payments are made through bank. Since expenses like postage, telegrams, traveling etc, cannot be made by means of cheques, the maintenance of a small cash balance to meet these petty payments becomes all the more necessary. A petty cash book is generally maintained on a columnar basis - a separate column being allotted for each type of expenditure. The is only one money column on the debit side and all sum received from time to time by the petty cashier from the chief cashier are entered in it. The credit side consists of several analysis columns. Every payment made by the petty cashier is entered on this side twice - Firstly it is recorded in the total column and then to the appropriate column to which the expense is concerned. The total of the "total column" will naturally agree with the total of all subsidiary columns. The difference between the total of the debit items and that of the "total column" on the credit side at any time will represent the balance of the petty cash in hand and this should tally with the petty cashier's actual holding of cash. The posting from the petty cash book to the respective accounts in the ledger are made directly in total at the end of every month or any other fixed period.
Asked in Catholicism
Why do Catholics make the Sign of the Cross with their right hand?
What Is a Petty Cash Book Used For?
A petty cash book is something that is used when businesses want to make small purchases. Petty cash is a term that specifically refers to a small amount of money. Usually, this means a total that is less than 100 dollars. A petty cash book is used to account for these small petty cash purchases. This cash is usually held by an employee designated as the custodian of the petty cash. When something is purchased using money set aside for petty cash purchases, an entry is made in a ledger referred to as the petty cash book. Most companies refuse to issue company credit cards to a large number of employees. For this reason, petty cash may be required to cover a number of different business related expenses that employees may incur. For example, an office manager may need to use petty cash funds to purchase office supplies. Having such a transaction be made with petty cash instead of credit creates less liability for the business. If the office manager used a credit card instead, there is a higher chance that large fraudulent purchases could be made. Using a petty cash book also has other advantages. One of the most important of these is the time it can save. Writing checks for different small purchases can be quite time consuming. This is due to the fact that few people in a company actually have the authority to write checks. With a petty cash account, however, the people that write checks and the employees that use them can be free to attend to more important duties. One of the most important parts of implementing a petty cash account is making sure that all cash taken from such an account is replaced with receipts or vouchers for proper accounting. Doing such record keeping is very important. It makes sure that every expense incurred is debited to the correct account. For example, the cost of landscaping supplies should be debited to landscaping. It also provides for a rather easy reconciliation of the account used to prove that the amount of receipts and cash on hand equal the total in the petty cash book. Today, however, petty cash books generally exist as computer programs as opposed to actual physical ledgers. This mirrors the transition of accounting to digital files from paperwork on the whole.