Which of the following procedures are typically used when a petty cash fund is established?
A)Assigning a petty cash custodian.
B)Use of petty cash vouchers.
C)Physical control over the petty cash fund.
D)All of these procedures are used when a petty cash fund is established.

Question

Quizplus · Accepted Answer

The fund is established for a specified dollar amount and is controlled by the petty cash custodian.The custodian normally keeps the currency under lock and key (which are physical controls).When money is disbursed from the petty cash fund,the custodian completes a petty cash voucher.

Which of the Following Procedures Are Typically Used When a Petty