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Which a petty cash system is designed to

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Reference no: EM132745954

Problem 1: A petty cash system is designed to

a. Pay small miscellaneous expenses

b. Account for all small cash receipts and disbursements

c. Handle cash sales

d. Cash checks for employees.

Problem 2: Which of the following statements is true?

a. A cash short and over account is not generally accepted.

b. A cash short and over account is debited when the petty cash fund proves out over.

c. A cash short and over account is debited when the petty cash funs proves out short.

d. A cash short and over account is a contra account to Cash.

Reference no: EM132745954

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