Accounting cycles

Accountancy (Phase -I & II)

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Indian Economy - Understanding the basics of Indian economic system

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The amount shown as the balance is petty cash book is

A profit

An expense

An income

An asset

Explanation:

The closing balance of petty cash book is considered as Asset. Petty Cash is a current asset account; it is part of a company's cash.

By: Munesh Kumari

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