The Petty Cash account is a separate bank account used for small amounts.

Name: The Petty Cash account is a separate bank account used for small amounts.
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Question

Quizplus · Accepted Answer

The Petty Cash account is not a separate bank account but rather a small fund of cash that is kept on hand to cover minor expenses, such as office supplies or postage. It is usually managed and replenished by a named person in the organization, such as an administrative assistant.

The Petty Cash Account Is a Separate Bank Account Used