A. Liability
B. Cash
C. Asset
D. None of these
Brief facts about this MCQs:
Petty Cash Book is an accounting book or management of daily small needs of the business which is used for recording expenses that are small and of little value. For instance, stamps, postage, and handling, stationery, carriage, daily wages, etc. These are expenses that are incurred on daily basis; usually, petty expenses are large in quantity but insignificant in value.
Also Read: Accounting Solved MCQs for B.com
The format of Petty Cash Book is below:
| Debit | Petty Cash Book | Credit | ||||||
| Receipt | Date | Detail | VN | Total | Expense 1 | Expense 2 | Expense 3 | Expense 4 |