115. Establishment of a petty cash fund is an asset source transaction. 116. At the time petty cash funds are disbursed, a journal entry should be made, debiting the appropriate asset or expense...

115. Establishment of a petty cash fund is an asset source transaction.

116. At the time petty cash funds are disbursed, a journal entry should be made, debiting the appropriate asset or expense account.

117. For a petty cash fund to be most useful to a business, several of the business's employees should be designated as responsible for the fund.

118. Most companies strive to receive a qualified audit opinion.

119. Materiality is different for companies of differing sizes.

120. The Securities and Exchange Commission regulates financial reporting of all U.S. companies.

121. The primary focus of financial audits is the discovery of fraud.