Fundamental Accounting Principles Study Set 5
Quiz 8: Cash and Internal Controls
Vouchers Should Be Used Only for Purchases
Vouchers should be used only for purchases. Other expenditures do not need to go through the voucher system.
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A debit balance in the Cash Over and Short account reflects an expense and is reported on the income statement as part of general and administrative expenses.
The Petty Cash account is a separate checking account used for small amounts.
All disbursements from petty cash should be documented by a petty cash receipt.
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