Chapter 5, Problem 5SEQ

To determine

Introduction:

A petty cash fund is a special fund operated by a petty cash custodian to pay relatively small amounts of cash expenses in business during a specific time-period which may be weekly or monthly. All expenses are paid from this fund and it is replenished when the cash in the fund reaches a minimum level.

To choose:

The correct option that states information related to petty cash fund.