Final answer:
It is true that payments from the petty cash fund should not be made without obtaining a receipt. Receipts are necessary to ensure financial accountability and allow for accurate bookkeeping and auditing. Similar principles apply to both public finances and business petty cash funds.
Step-by-step explanation:
The statement 'Payments from the petty cash fund should not be made without obtaining some sort of receipt in return' is True. It is crucial for maintaining financial transparency and accountability in managing a company's funds. Whenever a disbursement is made from the petty cash, a receipt should be collected to justify the expense. This ensures that there is a paper trail for all transactions, which is essential for accurate bookkeeping and financial audits. The reference statement from the Treasury underscores the importance of proper documentation for public money, which is similarly applicable to petty cash funds in businesses.
Accounting principles dictate that all financial transactions need to be substantiated by documentation. Since petty cash is a small amount of discretionary funds in the form of cash used for expenditure where it is not sensible to make the disbursement by check or electronic transfer, policies for its use should still adhere to the same standards of accountability.