Explain your answers in detail:
1. A petty cash fund is:
A. used to pay relatively small amounts. B. established by estimating the amount of cash needed for disbursements of relatively small amounts during a specified period. C. reimbursed when the amount of money in the fund is reduced to a predetermined minimum amount. D. all of the above.
2. The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?