5-4 Petty Cash Quizizz

An amount of cash kept on hand and used for making small payments is called ______ ____.

(a)  

Petty cash has a normal credit balance.

• True

• False

Answer explanation

Petty cash has a normal debit balance.

When establishing a petty cash fund in a General Journal, you must ​ (a)   Petty Cash and ​ (b)   Cash.

• debit
• credit

The source document for establishing a petty cash fund is a _____.

• receipt

• memorandum

• check

• invoice

A form showing proof of a petty cash payment is called a ____ _____ _____.

(a)  

A petty cash on hand amount that is less than the recorded amount is called _____ _____.

(a)  

A petty cash on hand amount that is more than the recorded amount is called ____ ____.

(a)  

The (a)   prepares a petty cash report when the petty cash fund is to be replenished.

Look at slide 6 to determine if the statement below is true or false.

"The amount to be replenish is just the total payment for the month."

• True

• False

Answer explanation

It is the total payment plus the cash over or minus the cash short.

When the actual amount on hand is ​ less than the recorded amount on hand, you have to add it to the total payment amount in.

• True

• False