Commerce · Q347

Accounting

Graduate and Post Graduate · Commerce · question 347

Q347

Petty cash balance is

A.

Liability

B.

Income

C.

Expense

D.

Asset

Answer

Answer: Option D

Solution

Answer: Option D

Solution:

Petty cash balance is Asset. The petty cash amount may appear as the first or second item listed in the current asset section of the balance sheet.

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