Q364
Petty cash is used for payment of
A.
Salaries & wages of the staff
B.
For purchase of assets
C.
Small expenses relating to postage's and conveyance etc.
AnswerD.
All of the above
Answer: Option C
Solution
Answer: Option C
Solution:
Petty cash is used for payment of Small expenses relating to postage's and conveyance etc. Petty Cash is a current asset account; it is part of a company's cash.