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Why business keep petty cash book?
When an employee needs to buy something quick they can use petty cash. For example, if an employee made a quick trip to get some donuts for the people in the office they would just take from the petty cash on hand.
Who should have custody of petty cash in company?
Custody of petty cash in a company should ideally be assigned to a trusted employee, typically in the finance or administrative department, who is responsible for managing and tracking the funds. This individual should have clear guidelines for usage, along with a system for documenting transactions to ensure accountability. Regular audits and reconciliations should be conducted to prevent misuse and maintain financial integrity. It's also advisable to have a secondary approval process for larger petty cash disbursements.
How do you use petty in a sentence?
You should not be arguing over such a petty thing.
Two people should sign a completed petty cash voucher who?
Two people should sign a completed petty cash voucher if they are removing funds from a mutually protected petty cash supply for which they are both in charge. This will enable both parties to be responsible for one another during the transaction.
Is getting someone expelled for stealing your friend petty?
No. It is worse than petty. That would be selfish and mean-spirited.
Can someone get a hunting license with a petty theft?
Yes
What do you call someone obsessed with minutiae or petty rules?
Pedantic
How to make Journal entry for expenses of employees paid from petty cash and deducted in payroll?
Debit employee expensesCredit cashDebit payrollCredit cash (balance amount)credit employee expense
How many wins did Richard Petty have in his career?
Richard Petty won 200 Nascar races during his career.
Do Petty cash reimbursement cheques should be cashed by someone other than the accounts payable clerk true or false?
True. To maintain proper internal controls and prevent potential fraud, petty cash reimbursement checks should ideally be cashed by someone other than the accounts payable clerk. This separation of duties helps ensure accountability and reduces the risk of errors or unauthorized transactions.
Can you be bonded with a old petty theft charge?
The answer to this question cannot be known."Bonding" of an employee is done by independent insurance companies that issue such 'bonds.' What criteria they, or your employer, use to screen an employee is entirely up to them.
Is the entry to establish a petty cash account a debit to petty cash and credit to cash?
yes. the entry should be: petty cash fund debit cash in bank credit
