As you all might know, a firm cannot operate with a single department. There are numerous departments in a firm assigned separate works each. Each has its own level of significance and their own little or huge role to play in the successful working of the company. When it comes to selling of goods and services, there are two kinds of money reserved for the customers- petty cash and change funds.
Where Petty cash pertains to the change made available in terms of coins or little amounts, the Change funds happen to be relatively higher amounts exclusively kept aside for the customer sales. If the entire concept of petty cash and change funds happens to be confusing to you, what you must do is go for petty cash and change funds homework answers and get all your doubts cleared in no time.
What role does petty cash play in a firm?
Petty Cash has a very huge role to play in any firm. This is because when dealing with sales of products or any other procedure for the matter, the Petty cash department is what is responsible for providing the immediate small amount that the firm needs. And the fact that the entire amount kept aside in the Petty fund department is in coins makes it easier for the people to provide exact amounts to people who need it.
This department has a greater role to play than it gives an impression of. To be honest, the change funds department does not allow the firm to take a single penny from it because the money kept aside there is for the customers exclusively, but when it comes to the Petty cash department, it makes change and money available to both the firm and the customers. Its flexibility is what makes it a vital part of the firm.
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What role do change funds play in a firm?
Change funds play a pretty huge role in the firm too. In fact, it plays one of the biggest roles in the successful working of the firm. This is because customers do not always stick to one product because of its sole quality but also because of the offers, free gifts, tickets or whatever promotional gifts that come along with it and the change funds department is responsible exactly for that.
Therefore, the money that the firm sets aside for the customers ensures that the customers do not stray elsewhere and stick to their line of products.
Change funds are better than Petty cash in their role, but when it comes to making cash available to the firm, it is of absolutely no help as the firm cannot draw out any kind of funds from this department regardless of the emergency situation it might get stuck in.
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Why students should know petty cash and change funds?
Students of Accounting or Entrepreneurship are those young men and women who are aspiring entrepreneurs, Finance advisers or Accountants and since they are our future, it is important that every single aspect of the successful running of firm is made known to them in thorough detailing.
Petty Cash and Change Funds although not extremely important aspects of Accounting are vital in the sense that students should know what it is and how it works.
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Why go for petty cash and change funds homework answers?
Homework is something that no student should take lightly because the very reason why homework is given is to test your knowledge of the chapter in details. The fact that you are allowed to look through your book makes it clear that your understanding is what is tested, not how well you copy paste your bookâ€™s contents.
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Tips to write the perfect homework
Writing the perfect homework is not even close to being easy and writing the perfect Petty cash and change fund homework even more so. This is why you must go through certain tips and apply them in your practical life if you will, so as to get good grades in your homework.
- Donâ€™t leave any doubts unclear:
The most common problem that students tend to bring upon themselves these days is not asking any doubts despite having many. You have to understand that with the number of subjects and chapters you have, it isnâ€™t possible to not have doubts in any of them.
This is why whenever you find yourself having a question in your head about any chapter even if it isnâ€™t petty cash and change funds, what you must do is go ahead and take measures to get it cleared.
- Jot down every important point in your class itself
Now, when your teacher begins with a new chapter, you do not have to wait for him or her to instruct to start making notes. You must start jotting down all the points coming from him or her, which you think is important. This will save you a lot of hassle later on.
What you teacher seeks in your homework is the reflection of his or her teaching that you have caught up on, and the incorporation of his or her notes in your homework will be a proof of just that.
- Make sure your homework isnâ€™t devoid of any research
What my point is that when you do your homework, you must make sure that you not only incorporate what your teacher has taught you in class but also a bit of your own research material. Thiswill, in turn, create an impression on him or her about you showing an interest in the subject and will also actually create an interest of the said subject in you.
This incorporation of fun facts or interesting details pertaining to the topic of your homework is bound to impress your teacher and help you in fetching better grades.
- Collect all the information and data to make your work more organized
Donâ€™t jump at your homework as soon as youâ€™re done going through related stuff online and your own notes. You have first to decide on which information you are to include when. Once you are done with the proper organization of the data and information that you have collected, you can start with the homework.
When you start your homework after all these steps, the difference will be starkly visible.
If you still happen to have doubts in petty cash and change funds, petty cash and change funds homework answers are what you need to go for.