No special internal control procedures are necessary with a petty cash account because the amount is usually so small.

Name: No special internal control procedures are necessary with a petty cash account because the amount is usually so small.
Brand: Quizplus
Rating: 4.9 (41 reviews)

Question

Quizplus · Accepted Answer

Even though the amount is small, special internal control procedures should be in place for petty cash accounts to prevent theft or misuse of funds. This may include providing a custodian or assigning a limit to the amount that can be disbursed.

No Special Internal Control Procedures Are Necessary with a Petty