Petty cash fund - Study guides, Class notes & Summaries

Money - answer-Standard medium of exchange in business transactions Currency and coins - answer-Form of money Cash - answer-Money and any other negotiable instrument that is payable in money and acceptable by the bank for deposit and immediate credit PAS 1, paragraph 66 - answer-An entity shall classify an asset as current when the asset in cash or a cash equivalent UNLESS it is restricted from being exchange or used to settle a liability for at least twelve months after the end of the ...

Money - answer-Standard medium of exchange in business transactions Currency and coins - answer-Form of money Cash - answer-Money and any other negotiable instrument that is payable in money and acceptable by the bank for deposit and immediate credit PAS 1, paragraph 66 - answer-An entity shall classify an asset as current when the asset in cash or a cash equivalent UNLESS it is restricted from being exchange or used to settle a liability for at least twelve months after the end of the ...

KENTUCKY STATE BOARD FUNERAL DIRECTOR'S EXAM 2024 LATEST STUDY QUESTIONS WITH ANSWERS (100% VERIFIED) | RATED A+ Assets - Answer>>>property of monetary value owned by a business Current Assets - Answer>>>Cash and other assets that will be converted into cash or consumed within one year Cash - Answer>>>coins, currency/paper money, checks, credit card receipts and money orders received from others, as well as money deposited in the bank Petty Cash Fund - Answer>&...

MATPA topic 2 Exam Questions and Answers A group of physicians who have a contract to provide services to subscribers of a plan for a set fee are part of a/an - Answer-PPO The daysheet is: - Answer-A daily record of changes and payments Which of the following acts states that if a physician agrees to extend credit to one patient, the same financial statement must be extended to all patients who represent it: - Answer-The Equal Credit Opportunity Act The modified block letter format, each ...

Float correct answer: In the petty cash box there will normally be a small amount of cash available to make payments, this is called a float. Gains correct answer: This is non-standard income for the business. Their trade may be in selling clothing, but occasionally they may sell an asset, such as a van or piece of equipment, and it will give rise to a gain. This is gains income, and may also be called a profit on sale of a non-current asset. General ledger correct answer: a ledger cont...

A _____ is created containing the name, address, and phone number of both the vendor and the medical practice. It will also have a preassigned number to track the order, the quantity of items ordered, the price of the items, and the date purchased. - Answer- Purchase Order Periodically, the medical assistant should check all equipment in the office to ensure that courts are not afraid, do not present hazards, and are in good working order. A _____ will help the medical assistant track this ro...

MATPA topic 2 Exam Questions and Answers A group of physicians who have a contract to provide services to subscribers of a plan for a set fee are part of a/an - Answer-PPO The daysheet is: - Answer-A daily record of changes and payments Which of the following acts states that if a physician agrees to extend credit to one patient, the same financial statement must be extended to all patients who represent it: - Answer-The Equal Credit Opportunity Act The modified block letter format, each ...

What is accounts payable? - ANSWER-Amount owed to creditors Give examples of why a medical practice makes adjustments (write off) accounts? - ANSWER-Professional discounts Courtesy adjustment Disallowances by insurance company In manual bookkeeping systems, the patient statements may be created by copying what? - ANSWER-Patient ledger card Which accounting method is not self balancing? - ANSWER-Single entry accounting Name examples of Assets a company may have - ANSWER-Cash Inve...

What is the purpose of a petty cash fund? Select one: a. To provide small cash bonuses to employees. b. To set money aside to avoid income taxation. c. To try to catch dishonest employees. d. To make small cash payments for the company. - answer-d p. 247 (249) The correct answer is: To make small cash payments for the company. Which of the following is not an example of a control over cash sales? Select one: a. Employees ring up all sales in the cash register. b. All payment...

I. Cash and Cash Equivalents – Theories and Problems 1. Which of the following statements about cash equivalents is true? a. Cash equivalents include treasury bills, money market instruments, equity securities, commercial papers, and preference share with a specified redemption date b. It presents an insignificant risk of changes in value because of the changes in inflation rate c. Investments that have a maturity of 90 days or less is considered as a cash equivalent d. It is shown on the...