Which of the following is NOT an internal control over the petty cash fund?
A) Petty cash tickets are sequentially numbered.
B) A specific amount of cash is designated to be kept in the petty cash fund.
C) Petty cash tickets serve as the authorization voucher and explanation.
D) Two custodians should be assigned responsibility for the petty cash fund.

Question

Quizplus · Accepted Answer

Having two custodians assigned to the petty cash fund is an internal control measure. All other options listed (A, B, and C) are also internal control measures commonly used for managing a petty cash fund.

Which of the Following Is NOT an Internal Control Over