Petty Cash Question: Download Questions PDF
List the basic process of setting up a petty cash system?
Answer:
Basic process of setting up a petty cash system is:
★ Location
★ Funding
★ Custodian
★ Boxes
★ Vouchers
★ Fund petty cash boxes
★ Training
★ Reconciliation
★ Replenishment and recordation
The petty cash system must incorporate a sufficient number of controls to mitigate the risks that petty cash will be stolen, or that it will be granted for improper reimbursement requests, or that petty cash expenditures are improperly recorded. You should periodically review the control problems that have arisen, to see if the system of controls should be adjusted to reduce the risk of loss.
★ Location
★ Funding
★ Custodian
★ Boxes
★ Vouchers
★ Fund petty cash boxes
★ Training
★ Reconciliation
★ Replenishment and recordation
The petty cash system must incorporate a sufficient number of controls to mitigate the risks that petty cash will be stolen, or that it will be granted for improper reimbursement requests, or that petty cash expenditures are improperly recorded. You should periodically review the control problems that have arisen, to see if the system of controls should be adjusted to reduce the risk of loss.
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