Final answer:
The number of petty cashiers a company should appoint depends on its size and needs. It contributes to accountability and oversight but must align with the practicality and volume of petty cash transactions.
Step-by-step explanation:
The correct answer to the question about whether a company requires only one petty cashier or should appoint more than one person to administer the fund is: d) The number of petty cashiers depends on the company's size and needs. Appointing more than one petty cashier can aid in segregation of duties and help with accountability and oversight. However, smaller entities may find it more practical and cost-effective to have a single petty cashier. The decision also depends on the volume of petty cash transactions and the complexity of the business's operations.
Banks play a vital role in simplifying transactions by providing services such as checking and savings accounts, allowing for the safekeeping and easy access to funds without the need for carrying large amounts of cash. The use of bank accounts is preferable for handling larger transactions or payroll, while petty cash is generally reserved for minor expenses. Therefore, the management of petty cash should ensure convenience, security, and accountability aligned with the business's scope and daily operations.