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Questions and Answers
What is the purpose of the day book in petty cash operations?
What is the purpose of the day book in petty cash operations?
- To create justification documents for incoming and outgoing payments
- To verify the residual balance in petty cash (correct)
- To keep records of all financial transactions
- To establish appropriate sub-ledger records within the ledger account
What is the purpose of the cash order form in petty cash operations according to the text?
What is the purpose of the cash order form in petty cash operations according to the text?
- To establish appropriate sub-ledger records within the ledger account
- To justify the residual balance in petty cash
- To create derived documents for incoming and outgoing payments
- To keep records of inflows and outflows of money from petty cash (correct)
What is the purpose of the internal act in petty cash operations according to the text?
What is the purpose of the internal act in petty cash operations according to the text?
- To keep records of all financial transactions
- To establish appropriate sub-ledger records within the ledger account of petty cash
- To create justification documents for incoming and outgoing payments
- To regulate the amount of petty cash maximum (correct)
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