Asked by
Astrid Gonzalez
on Nov 14, 2024
Verified
The custodian of the petty cash fund has the responsibility of recording a journal entry every time cash is used from the fund.
Petty Cash Fund
A small amount of cash on hand used for minor or incidental expenses within a business.
Custodian
An individual or entity responsible for safeguarding assets, such as cash or securities, ensuring their safekeeping and proper use.
Journal Entry
A record in the accounting journal that represents a transaction and includes debits and credits.
- Recognize the significance of segregation of duties in minimizing errors and preventing fraud.
Verified Answer
CD
Learning Objectives
- Recognize the significance of segregation of duties in minimizing errors and preventing fraud.
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