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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
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Why do most companies have petty cash funds?

To determine

Introduction:

Petty cash is a small amount of money kept by an organization for doing expenditure on small items.

The reason for using petty cash funds by the companies.

Explanation

The fund of petty cash is look by petty cash custodians, who helps in paying for small amounts directly from the fund and reimburse employees who have receipts for items they have bought from their own money. At the end of the month, the custodian submits all receipts and other supporting documents to the company. After the company personnel other than the petty cash custodian determine that the documents are authentic and that each transaction is supported by appropriated documentation, the custodian is given an amount to replenish the petty as fund...

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