Question

Determine which of the statements below describes a petty cash receipt

a) Petty Cash Record
b) Receipt Classification
c) Cash Transaction Detail
d) Petty Expense Verification

Answer 1

A petty cash receipt is a document used to record and track small expenses made from a petty cash fund.

Step-by-step explanation:

The correct answer is a) Petty Cash Record.

A petty cash receipt is a document that provides evidence of a petty cash transaction. It is used to record and track small, day-to-day expenses made from a petty cash fund. The petty cash record includes details such as date, amount, purpose, and person accountable for the expense.

For example, if an employee buys office supplies using the petty cash fund, they would receive a petty cash receipt to document the transaction. This receipt would then be attached to the petty cash record for later reconciliation and verification of the expenses.