Answer and explanation:
Petty cash funds refer to a small number of money companies have, typically in each department, so the department can have immediate resources for the purchase of items with minimal costs such as office supplies. A ticket is usually registered for every expense to keep control of the expenditures until the petty cash fund runs out where the total expense is recorded in the accounting books of the firm.
In the case give, the fact that no representative of the department wants to be in charge of the petty cash fund reflects a weakness since there must be only one person controlling the outflows of the cash instead of having every employee reporting a ticket for each expense which could lead to the misuse of those funds.
