Petty Cash Fund
What Is a small amount of cash used for small random expenses
Petty cash fund
What is added to the bank cash balance on a reconciliation
Deposits in transit
What does NSF stand for?
Non sufficient funds
If the petty cash fund totals $100 and "petty cash fund guy" receives a cheque for $52 how much money was spent over the month
$52
How many kids does Mike have?
2 (not including Landon)
good
what is subtracted from a bank cash balance on a reconciliation
outstanding cheques
What does DM mean?
Debit memo (cash down)
What is petty cash classified as?
a current asset
Who is LBY?
Little Baby Yoda (Mike's BFF)
what is cash short?
small amounts of cash missing from the petty cash fund
who should prepare bank reconciliations?
Anyone who has no other responsibilities relating to cash
What does CM mean?
Credit memo (cash up)
Are collections by the bank on the bank or book side of the bank reconciliation?
book
What Harry Potter house does Mike belong to?
Ravenclaw
How often is a petty cash fund replenished?
Once a month
What is subtracted from books cash balance on a reconciliation?
NSFs and bank service charges
Electronic funds transfer
On a bank statement, why are credits and debits flipped?
It’s flipped because the bank is on the other side of the equation. So, if we get money they lose money.
Who did Mike dress up as for Halloween?
Young Dumbledore
To increase petty cash what do you debit and credit?
Debit petty cash and credit cash
What is added to books cash balance on a reconciliation?
EFTs, Notes, interest earned ..?
What does TGP stand for?
Three Goons Productions
(Landon's marketing company)
do you like horses
yes
Where did Mike meet his wife?
Teaching swing dancing