Petty Cash Flashcards
1
Q
What is petty cash?
A
A small amount of cash on hand paying for smaller inexpensive items or small amounts owed.
2
Q
What is gross pay versus net pay
A
Without versus with deductions
3
Q
What are examples of deductions?
A
Income tax, CPP, EI
4
Q
What are cash disbursements?
A
A journal that records all financial expenditures made by a company, record tax write offs, categorize other expenses
5
Q
What are cash disbursement journals used to create?
A
Annual balance sheets in other financial statements
6
Q
What journal columns and expense categories would you see in a journal?
A
- date
- payee
- cheque #
- amount paid
- telephone
- wages
- office rent
- heat and hydro
- office supplies
- medical supplies
7
Q
What do Cash Disbursement Journals allow management to do?
A
- track how much cas has been disbursed
8
Q
What do Cash Disbursement Journals allow management to do?
A
- track how much cash has been disbursed
- track what cash is being used for
