Multiple choice

The Balance of Petty Cash is A Balance Sheet is a statement of the financial position of a business which shows the assets, liabilities, and owners\' equity at a particular point in time

  1. Expense

  2. Income

  3. Profit

  4. Current Asset

  5. None of these

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Petty cash is recorded in a separate account within the general ledger. This account is classified as a current asset