If the Petty Cash Fund Was Not Reimbursed at the Time

Multiple Choice

If the petty cash fund was not reimbursed at the time the financial statements were prepared:

A) Expenses would be understated and equity overstated
B) Petty cash asset would be overstated and expenses understated
C) Petty cash expenses would be overstated and bank would be understated
D) Expenses would be overstated and petty cash asset would be understated