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That all depends on who you owe the money to. Petty cash is basically a small amount of cash that can be used by employees to buy miscellaneous goods such as girl scout cookies or that cleaner people always come to your office to try and sell. Once the money is taken, they have to deposit a slip of paper telling how much money was spent by who, and what did that money purchase. If you buy something small for the business or other employees with the money from petty cash, that IOU is part of petty cash. However, if you have an IOU (I Owe You) towards another business, it is considered to be an Account Payable because you purchased goods with money that you promise them within the next 30 or so days.
What else can I help you with?
Does mouse pad belong to Stationery or Sundries in Petty cash book?
It is part of office equipment
Is petty cash included as payments in the Cash Flow Statement in Accounting?
Yes, petty cash is included in the Cash Flow Statement as part of the operating activities section. It represents cash that is readily available for small, everyday expenses, which are necessary for business operations. However, the movements in petty cash are generally not detailed separately but are reflected in the overall cash inflows and outflows. Therefore, while it contributes to the total cash balance, it is often considered a minor component of the cash flow activities.
Is cash in bank- current is part of cash and cash equivalent?
cash in bank is current assests
Cash flows from interest received are reported in the statement of cash flows as part of?
Operating activities
Is cash net income?
cash is not net income,it is part of wealth and can be used further in earning profit.
A 174 petty cash fund has cash of 25 and receipts of 137 What would be part of the journal entry to replenish the account?
Assuming you are asking about an "Imprest" Petty Cash account with a nominal balance of $174, an actual cash content of $25, and receipts representing $137 in legitimate purchases, the entry would be something like the following: Debit Expense Accounts (itemized according to nature of receipts): $137Debit Expense Account "Petty Cash Shrinkage" (or whatever it is called in your system): $12Credit Petty Cash: $149Note: Recognize Petty Cash Expense Debit Petty Cash: $149Credit Checking (or wherever you get the cash from): $149Note: Restore Petty Cash to Imprest level ($174) OR the composite equivalent entry: Debit Expense Accounts (itemized according to nature of receipts): $137Debit Expense Account "Petty Cash Shrinkage": $12Credit Checking: $149 Hope this helps
What is pety cash book?
Type your answer here... Petty cash book is a part of accounting cycle It is prepaid for the normal daiy expenditres of the organization. petty cash book means a book in which minor cash expences are booked. it is acctually prepaid to handle the cash of the organization.
Does mouse pad belong to Stationery or Sundries in Petty cash book?
It is part of office equipment
Is petty cash included as payments in the Cash Flow Statement in Accounting?
Yes, petty cash is included in the Cash Flow Statement as part of the operating activities section. It represents cash that is readily available for small, everyday expenses, which are necessary for business operations. However, the movements in petty cash are generally not detailed separately but are reflected in the overall cash inflows and outflows. Therefore, while it contributes to the total cash balance, it is often considered a minor component of the cash flow activities.
How do you maintain petty cash training?
Discipline. You have to set anacceptable amount to have on hand, and replenish it as quickly as possible after you have "borrowed" from it. The source of that cash is the key factor in your ability to maintain it. For example, emptying your pockets every night and putting all of your change in a jar. In business, petty cash doesn't magically appear. It is part of the budget, planned for and replenished according to the amount of money designated and the amount of time it should last.
Why does your NAV go down when your Mutual fund pays a dividend?
The cash the fund uses to pay the dividend is considered an asset of the investment trust. Before it is paid out, that value is added to the value of the stocks/bonds held to calculate the NAV. Once the money is paid out, it is no longer counted as part of the investment trust, thus the NAV goes down by the amount of the dividend. Example. Mutual fund A has $100 worth of stock, $50 in cash and 100 shares outstanding. It's NAV is $1.50. It pays a total dividend of $50. So now the fund has $100 worth of stock, no cash, and 100 shares outstanding. It's NAV will be $1.00.
Where does bond sinking fund go on balance sheet?
A bond sinking fund is reported in the section of the balance sheet immediately after the current assets. The bond sinking fund is part of the long-term asset section that usually has the heading "Investments." The bond sinking fund is a long-term (noncurrent) asset even if the fund contains only cash. The reason is the cash in the fund must be used to retire bonds, which are long-term liabilities. In other words, because the money in the bond sinking fund cannot be used to pay current liabilities, it must be reported outside of the working capital section of the balance sheet. (Working capital is current assets minus current liabilities.)
What adjective is for the part of speech for the word petty?
The word petty is an adjective. It describes something that is of little importance. For example, if you could not find a paper clip, that would be a petty loss.
Is cash in bank- current is part of cash and cash equivalent?
cash in bank is current assests
Is Richard Petty Native American?
No, Richard Petty is not Native American. He is an American stock car racing driver and team owner, known for his successful career in NASCAR. Petty was born in Level Cross, North Carolina, and is part of the Petty racing family, which has a long history in the sport.
What part of speech is cash?
emergency = adjective cash = noun
Are owners fund part of share capital?
Yes
