Which of the Following Is a CORRECT Statement About the Petty

Multiple Choice

Which of the following is a CORRECT statement about the petty cash fund?

A) To set up the petty cash fund,a check is issued to the chief financial officer.
B) The custodian of the fund has sole responsibility for accounting for the fund.
C) The cash in the fund must always equal the opening balance of the fund.
D) The petty cash fund must be maintained at a bank.