Indicate the incorrect statement. Petty cash works as follows:

Question

Answer

This cash is placed in a lockable metal box which is called the petty cash box (in other words the money is deposited into the petty cash box).

Answer

. An amount of money is drawn out of the bank account. This amount will depend on how many small expenses are made by your office in a month.

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When a small payment has to be made, the treasurer will give the person the money for the purchase out of the petty cash box (in other words, the money is withdrawn from the petty cash box).

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This cash is usually in the form of a huge sum amount of money stored in the bank and it cannot be withdrawn under no circumstances.

Crowdly

Indicate the incorrect statement. Petty cash works as follows:

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