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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

Effective cash management and control includes all of the following except

  1. the use of a petty cash fund.
  2. bank reconciliations.
  3. purchase of stocks and bonds.
  4. short-term investments of excess cash.

To determine

Introduction:Effective cash management control is very important for business day to day transaction, because in the normal days company purchase the raw material, salary payment, factory rent payment like other normal transaction. Company need cash on the daily basic.

To choose:What is not included in Effective cash management and control.

Explanation

Explanation for correct answers:

Effective cash management include the normal cash handling day to day transaction not for the investment purpose because cash management need to payment on the daily fixed payment.

Explanation for incorrect answers:

Option (a) the use of a petty cash fund. This payment made to normal small payment for the purchase of daily needs item.

Option (b) Bank reconciliation: This option is not include cash management because this is a process of a match cash book and pass book for some error...

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