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| On January 1, a company establishes a petty cash account and designates one employee as petty cash custodian. The original amount included in the petty cash fund is $500, and it will be used to make small cash disbursements. The fund will be replenished on the first of each month, after the petty cash custodian presents receipts for disbursements to the general cashier. The following disbursements are made in January. The balance in the petty cash box at the end of January is $163.
Office supplies - $173
Postage - $112
Entertainment - $42
Which of the following is not an appropriate procedure for controlling the petty cash fund? A. Upon receiving petty cash receipts as evidence of disbursements, the general cashier issues a company check to the petty cash custodian, rather than cash, to replenish the fund. B. The petty cash custodian immediately files the original, unchanged receipts by category of expenditure after their presentation to the general cashier, so that variations in different types of expenditures can be monitored. be monitored . C. The petty cash custodian obtains signed receipts from each individual to whom petty cash is paid. D. Surprise counts of the fund are made from time to time by a superior of the petty cash custodian to determine that the fund is being accounted for satisfactorily. |