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Which of statements in relation to petty cash is incorrect

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Reference no: EM133009795

Problem 1: Which of the following statements in relation to petty cash is incorrect?

a. Entries are made to the petty cash account only to increase or decrease the size of the fund or to adjust the balance if not replenished at year-end
b. The petty cash fund is reported as part of current assets.
c. The petty cash account is debited when the fund is replenished.
d. The imprest petty cash system in effect adheres to the rule of disbursement by check.

Reference no: EM133009795

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