Which of the following statements in relation to accounting for petty cash fund is false? Group of answer choices The creation of a petty cash fund requires a journal entry to reflect the transfer of fund out of the general cash account At any time, the sum of the cash in the petty cash fund and the total of petty cash vouchers should equal the amount for which the imprest petty cash fund was established Each disbursement from petty cash should be supported by a petty cash voucher With the establishment of an imprest petty cash fund, one person is given the authority and responsibility for issuing checks to cover minor disbursements
Which of the following statements in relation to accounting for petty cash fund is false? Group of answer choices The creation of a petty cash fund requires a journal entry to reflect the transfer of fund out of the general cash account At any time, the sum of the cash in the petty cash fund and the total of petty cash vouchers should equal the amount for which the imprest petty cash fund was established Each disbursement from petty cash should be supported by a petty cash voucher With the establishment of an imprest petty cash fund, one person is given the authority and responsibility for issuing checks to cover minor disbursements
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5DQ
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11.
Which of the following statements in relation to accounting for petty cash fund is false?
Group of answer choices
The creation of a petty cash fund requires a journal entry to reflect the transfer of fund out of the general cash account
At any time, the sum of the cash in the petty cash fund and the total of petty cash vouchers should equal the amount for which the imprest petty cash fund was established
Each disbursement from petty cash should be supported by a petty cash voucher
With the establishment of an imprest petty cash fund, one person is given the authority and responsibility for issuing checks to cover minor disbursements
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