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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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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