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Petty Cash Fund a. Why would a business set up a petty cash fund b. Explain the
Chapter 22, Problem 3(choose chapter or problem)
QUESTION:
Petty Cash Fund
a. Why would a business set up a petty cash fund?
b. Explain the procedure for replenishing the petty cash fund.
Questions & Answers
QUESTION:
Petty Cash Fund
a. Why would a business set up a petty cash fund?
b. Explain the procedure for replenishing the petty cash fund.
ANSWER:Step 1 of 3
A petty cash fund is a fund that keeps aside to make the small payments of the business. The petty word refers to the small, which indicates that only small amounts should be paid from this fund.