Define Petty Cash.

Q: Describe about petty cash fund.

A:

Q: Define the Note Issued for Cash.

A: Promissory Note:   A promissory note is a legal and financial tool that contains a written promise…

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: What is contra entry in cash book? How is it recorded?

A: Meaning of Contra-EntryIn the dual entry accounting system, a contra entry is an entry which is…

Q: A minimum cash balance required by a bank is called a.a compensating balance b.an EFT c.cash in…

A: Minimum cash balance : Customers of bank need to maintain minimum balance on their accounts. Minimum…

Q: Which of the following items should not be included in the Cash? O A. Petty cash and change funds…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: petty cash fund f

A: The journal entries to record petty cash transactions include entries for establishment,…

Q: Define cash larceny.

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False

A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…

Q: Discuss how Unpresented Cheque and Uncredited Cheque contributes to the disagreement between cash…

A: A bank reconciliation statement is prepared by the company to match the balance as per the bank…

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: e petty cash we

A: Correct Answer is D :- 19

Q: (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Define cash discounts (in credit terms)

A: Cash discounts shall not be reduced to the negotiated selling rate at the time of the purchase they…

Q: What are two methods of recording accounts receivabletransactions when a cash discount situation is…

A: The accounts receivables are part of the current assets of the company. The accounts receivables…

Q: Proof of Cash

A: as stated in question

Q: Define cash receipts journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: petty cash fund. Di

A: 1.Establish petty cash fund 2.Record petty cash expenses 3.Replenish petty cash fund

Q: How do businesses control cash receipts by mail?

A: Cash Receipts by Mail: Cash receipts are those payments that customer receives from the sales made.…

Q: How do businesses control cash receipts over the counter?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: Which of the following should be considered cash equivalents? Post-dated checks Money market with…

A: Cash and cash equivalent means the amount of cash , bank or highly liquid marketable securities…

Q: In preparing a balance sheet, restricted cash goes under what heading?

A: Restricted cash is the amount of cash kept aside for some restricted purposes, to ensure that…

Q: Define Restricted Cash and Compensating Balances.

A: Restricted Cash: Restricted cash is defined as cash which is held for a certain purpose in future…

Q: What is the difference between cash receipts and cash payments?

A: Cash receipts refers to the collection of money recognized from the customers or from any other…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

Q: True (t) or False (f) ______ Savings accounts are usually classified as cash on the balance sheet.

A: Savings accounts are considered as cash equivalents item such as easily convertible into cash.

Q: Cash Receipts

A: As stated in question

Q: At what amount should "Cash on hand and in bank be reported on Gracious' balance sheet?

A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

Q: Transactions for petty cash, cash short and over

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: All of the following may be included in cash except   a. currency b. checking account balance c.…

A: Cash is defined as the checks, bills, bank balances and coins and it is also used for acquiring the…

Q: Distinguish between cash book and bank balance.

A:

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Which of the following does not belong to the group?   Petty cash fund Accounts Receivable…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

Q: What is the use of a petty cash fund?

A: A petty cash fund is a fund created to pay small expenses. No journal entry is passed for each…

Q: What are cash receipts?

A:

Q: State and explain the reasons for the difference between cash book and bank statement

A: Definition:   Bank reconciliation: Bank statement is prepared by bank. The company maintains its own…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.