The petty cash book has

Assessment: WAEC SSCE - Financial Accounting - 2009 (Objective) Subject: Financial Accounting

Question 1 Report

The petty cash book has
Answer Details
The petty cash book is a ledger that records small transactions and expenses made in cash by a company. It has both debit and credit balances because it records cash payments made (debit) and cash received (credit) for small expenses such as stationery, postage, and other miscellaneous expenses. Therefore, the correct answer is "both debit and credit balances."
Read lesson note on Cashbook (JAMB)
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