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The Balance of Petty Cash is :
  • a)
    An expense
  • b)
    Revenue
  • c)
    An asset
  • d)
    Liability
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
The Balance of Petty Cash is :a)An expenseb)Revenuec)An assetd)Liabili...
Correct option is 'C'.
Reason :- When the petty cash account is balanced, the balance reflects the actual cash with the petty cashier.
since cash in hand is an asset, therefore correct option is C.
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Community Answer
The Balance of Petty Cash is :a)An expenseb)Revenuec)An assetd)Liabili...
C
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The Balance of Petty Cash is :a)An expenseb)Revenuec)An assetd)LiabilityCorrect answer is option 'C'. Can you explain this answer?
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