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WAEC Financial Accounting 1995 Question 28

Question 28

Petty Cash

A fund established for the payment of minor expenses is

  1. A.cash discount
  2. B.cash flow
  3. C.petty cash
  4. D.accumulated fund
  5. E.reserve.
Show the answer and explanation

Answer: C (petty cash)

Explanation

Petty cash pays for small everyday expenses.