Evaluate the following statements Statement 1: Under the punctuating system of petty cash accounting, there will be necessary adjustments at the end of the reporting period at all times. Statements 2: Under the imprest system of accounting for petty cash fund entries for expenses and others are made upon fund replenishment, therefore, entries are not necessary at any point within the reporting period. Statement 3: in the conduct of petty cash count, when you find a check with the petty cash custodian's name on it, it shall be included as a cash item together with the bills and other loose coins. A. TRUE, TRUE, FALSE B. FALSE, FALSE. TRUE C. TRUE, FALSE. FALSE D. FALSE. TRUE, FALSE E. TRUE. FALSE. TRUE
Evaluate the following statements Statement 1: Under the punctuating system of petty cash accounting, there will be necessary adjustments at the end of the reporting period at all times. Statements 2: Under the imprest system of accounting for petty cash fund entries for expenses and others are made upon fund replenishment, therefore, entries are not necessary at any point within the reporting period. Statement 3: in the conduct of petty cash count, when you find a check with the petty cash custodian's name on it, it shall be included as a cash item together with the bills and other loose coins. A. TRUE, TRUE, FALSE B. FALSE, FALSE. TRUE C. TRUE, FALSE. FALSE D. FALSE. TRUE, FALSE E. TRUE. FALSE. TRUE
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 27CYBK
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Evaluate the following statements
Statement 1: Under the punctuating system of petty cash accounting, there will be necessary adjustments at the end of the reporting period at all times.
Statements 2: Under the imprest system of accounting for petty cash fund entries for expenses and others are made upon fund replenishment, therefore, entries are not necessary at any point within the reporting period.
Statement 3: in the conduct of petty cash count, when you find a check with the petty cash custodian's name on it, it shall be included as a cash item together with the bills and other loose coins.
A. TRUE, TRUE, FALSE
B. FALSE, FALSE. TRUE
C. TRUE, FALSE. FALSE
D. FALSE. TRUE, FALSE
E. TRUE. FALSE. TRUE
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