Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 29 - No. 15)
In a petty cash system, what is the purpose of analysis columns?
To track individual employee spending.
To summarize and categorize petty cash expenses.
To record the serial number of the petty cash voucher.
To check the total cash in the petty cash fund.
Explanation
Analysis columns allow for a more detailed breakdown of the types of expenses paid out of petty cash.
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