BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -What Is Petty Cash? A petty cash fund is a small amount of company cash, often kept on hand (e.g., in a locked drawer or box), to pay for minor or incidental expenses, such as office supplies or employee reimbursements.

Detailed explanation-2: -Petty cash typically refers to a specific account with limited funds to cover basic, small expenses; however, it are still considered part of the overall cash on hand since it is readily available.

Detailed explanation-3: -Answer and Explanation: It is false that the petty cash fund is a liability with a normal debit balance. The petty cash fund is an asset and, just like the general cash fund, is reconciled periodically with receipts.

Detailed explanation-4: -Petty cash is a small amount of money kept on hand for the purpose of making small payments such as office supplies, postage, and other small expenses. It is usually kept in a locked box and is reimbursed periodically.

Detailed explanation-5: -Petty cash is a small amount of money kept on hand for small purchases or expenses. It is typically kept in a locked box or other secure location and is often used to pay for minor office supplies, postage, or travel expenses. Typically, a petty cash fund is established and then a custodian is assigned to manage it.