A request by the petty cash custodian for a company check in order to return the amount of currency and coins in the petty cash box to the amount shown in the general ledger account.
A request by the petty cash custodian for a company check in order to return the amount of currency and coins in the petty cash box to the amount shown in the general ledger account.
See petty cash replenishment.
for the organization’s small disbursements, then the general ledger account Petty Cash will never be debited or credited again. When the currency and coins on hand gets low, the petty cash custodian will request a...
What does it mean to replenish the petty cash fund? Author: Harold Averkamp, CPA, MBA Definition of Replenishing Petty Cash Replenishing the petty cash fund means the petty cash custodian requests and receives cash from...
for the replenishment check. Example of Petty Cash Voucher Shown above is an example of a petty cash voucher. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting...
Usually a simple form used by the petty cash custodian in order to document small payments from a petty cash box.
A current asset account that represents an amount of cash for making small disbursements for postage due, supplies, etc.
See petty cash receipt.
What is petty cash? Author: Harold Averkamp, CPA, MBA Definition of Petty Cash Petty cash or a petty cash fund is a small amount of money available for paying small expenses without writing a check. Petty Cash is also...
How is petty cash reported on the financial statements? Author: Harold Averkamp, CPA, MBA Definition of Petty Cash Petty Cash is a small amount of money that a company has available to pay small amounts without writing a...
account Postage Expense when the petty cash fund is replenished. In order to get the expenses entered in the proper accounting period, it is necessary to replenish the petty cash fund at the end of each accounting...
A term associated with petty cash. Replenish means to return the amount of actual cash in the petty cash box back to the amount appearing in the general ledger account Petty Cash. This is done whenever the amount of...
How do I start a petty cash fund? Author: Harold Averkamp, CPA, MBA Definition of Petty Cash Fund A petty cash fund is a small amount of money available to pay small amounts without requiring the processing of a business...
cash fund is replenished, there is $6.00 on hand and there are $93.00 of petty cash vouchers. This indicates a shortage of $1.00. Using the above information, the journal entry to replenish the petty cash fund will...
A constant or unchanging amount that is often used when referring to petty cash. For example, if the petty cash account in the general ledger has an imprest balance of $100, the account balance will be a constant $100....
A balance sheet heading or grouping that includes both cash and those marketable assets that are very close to their maturity dates.
A miscellaneous expense account used to record the difference between the amount of cash needed to replenish a petty cash fund and the amount of petty cash receipts at the time the petty cash fund is replenished.
A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.)
What is included in cash and cash equivalents? Author: Harold Averkamp, CPA, MBA Examples of Cash In accounting, a company’s cash includes the following: currency and coins checks received from customers but not yet...
The general ledger account Cash that reports currency, coins, undeposited checks, and the checking accounts of a company. (Could also be a reference to a customer required to pay cash for purchases.)
Allowing a person or company to purchase goods or services without paying cash at the time of purchase.
What is a cash discount? Author: Harold Averkamp, CPA, MBA Definition of Cash Discount A cash discount is a deduction allowed by some sellers of goods or by some providers of services in order to motivate customers to...
See sales discounts.
Cash that can be used only for the purpose intended.
Cash Flow Statement Quiz and Test | AccountingCoach Cash Flow Statement(Practice Quiz) Download PDF Author: Harold Averkamp, CPA, MBA For multiple-choice and true/false questions, simply press or click on what you...
The collection of money (currency, coins, checks). Not to be confused with revenues.
What is a cash cow? Author: Harold Averkamp, CPA, MBA A cash cow is often a profitable product or service that dominates a market and generates far more cash than is needed to maintain its market position. Companies may...
One of the main financial statements (along with the income statement and balance sheet). The cash flow statement reports the sources and uses of cash by operating activities, investing activities, financing activities,...
Actual changes in cash as opposed to accounting revenues and expenses.
One of the main financial statements (along with the income statement and balance sheet). The statement of cash flows reports the sources and uses of cash by operating activities, investing activities, financing...
See cash basis of accounting.
An accounting method wherein revenues are recognized when cash is received and expenses are recognized when paid. This method is inferior to the accrual basis of accounting where revenues are recognized when they are...
A special journal (or specialized journal) used to record money received. In a manual system this will allow one entry to the Cash account for the month (or shorter periods) instead of debiting the Cash account for every...
The cash flow from operating activities minus the amount of capital expenditures. Other variations are also used. To learn more, see Explanation of Cash Flow Statement.
See net realizable value.
as an expense? What is an account payable? What is the difference between expense and loss? What are the two methods for recording prepaid expenses? What is a T-account? What does it mean to replenish the petty cash...
What is the difference between cash flow and free cash flow? Author: Harold Averkamp, CPA, MBA Definition of Cash Flow Cash flow refers to the amounts of cash that a company, investment or project generates. The cash...
the financial statements? What is an imprest system of petty cash? What is Notes Payable? What are balance sheet accounts? Is income tax an expense or liability? What type of account is the Dividends account? What is...
Featured Review
"I have been a bookkeeping professional for five years, and AccountingCoach PRO Plus has been a tremendous resource for me. The material is well organized for studying, and the Certificates of Achievement for each module validate learning. The various methods of instruction (flashcards, video tutorials, and printed materials) appeal to all learning styles. This program has allowed me to expand my understanding of accounting principles and reporting, and to easily locate information when I need to refresh my training on a particular topic. I highly recommend AccountingCoach PRO Plus for anyone who works in the bookkeeping industry." - Amy L.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: