Select all that applyReview the following statements and select the ones which accurately describe a Petty Cash fund. Select all answers which apply.Multiple select question.It is an account used to record small sales amounts.It is established to pay for small payments like low-cost supplies and shipping fees, etc.It is an expense reported on the income statement.It is an asset reported on the balance sheet.

Select all that applyDetermine which of the statements below are accurate regarding how a petty cash fund is created and used in a business. (Check all that apply.)Multiple select question.A check is drawn by the company cashier to establish the petty cash fund.The sum of all petty cash receipts plus the remaining cash should equal the total of the fund amount at any given time.The petty cashier is responsible for making payments from the petty cash fund.Any employee may disburse cash from the fund as long as they bring back a receipt for their purchase.The petty cashier is responsible for keeping the cash in the fund safe.When the fund is replenished, the petty cash fund account is debited.

Select all that applyDetermine which of the statement(s) are correct if a Petty Cash account is not replenished at the end of the accounting period. (Check all that apply.)Multiple select question.The income statement would reflect a net income amount that was too high.Expenses would not be recorded in the period in which they were incurred.The balance sheet would show an overstated cash asset.The balance sheet would show an understated cash asset.

Select all that applyIdentify when the Petty Cash fund is debited or credited by selecting the correct answer below.Multiple select question.When the account is increasedWhen the account is createdWhen the account is reducedWhen the account is replenished

Select all that applyThe three classifications on the statement of cash flows are cash flows from (Select all that apply.)Multiple select question.investing activities.operating activities.financing activities.discontinued activities.business activities.

hat are the key financial statements of a business? (Select all that apply)Multiple select question.statement of cash flowsincome statementtrial balanceannual reportbalance sheet