Answered: What is a petty cash receipt? Who…

Business

Accounting

What is a petty cash receipt? Who should sign it?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9Q: Why is it important to have a petty cash fund available in a company?

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Concept explainers

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.

Question

What is a petty cash receipt? Who should sign it?

Expert Solution

Step 1

Petty cash receipt is a form used to document all cash payments from the petty cash box. In this receipt, petty cash amount payment and date of payment is mentioned from the petty cash.

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Accounting for Cash and cash equivalents

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