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Petty Cash is easily misappropriated if business processes and internal controls are not established and enforced. Provide and explain a minimum of four controls and/or concepts that will help a company ensure that its petty cash accounts are appropriately used and safeguarded?

Question

Petty Cash is easily misappropriated if business processes and internal controls are not established and enforced. Provide and explain a minimum of four controls and/or concepts that will help a company ensure that its petty cash accounts are appropriately used and safeguarded?

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Step 1

Petty cash means the cash allocated to meet small day to day expenses of the business. If proper checks and controls are not established in the petty cash management, it can easily lead to fraud due to misappropriation.

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Tagged in

Business

Accounting

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