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

Name: The Petty Cash account is a separate checking account used for small amounts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The Petty Cash account is not a separate checking account, but rather a fund or drawer of cash that is used for small expenses. It is typically managed by a designated employee who is responsible for maintaining accurate records of transactions and replenishing the fund when needed.

The Petty Cash Account Is a Separate Checking Account Used