Chapter 8 - with what the cash was used for the date when...

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Chapter 8: Why should the person who keeps the records of an asset not be the person responsible for its custody? Person who keeps the records of as asset should not be the person responsible for its custody, to prevent them from possible stealing, wasting the assets, or committing fraud. What is a petty cash receipt? Who should sign it? A petty cash receipt also called petty cash ticket is a renumbered ticket starting
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Unformatted text preview: with what the cash was used for, the date when used, who was charge to and the amount. The person that approved and the person that received the petty cash receipt should sign it. Why should cash receipts be deposited on the day of the receipt? Cash receipts should be deposited on the day of the receipt to prevent from carrying it over into the next month as an unadjusted balance....
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