The petty cash fund represents cash on hand and is used to pay for minor purchases.

Name: The petty cash fund represents cash on hand and is used to pay for minor purchases.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Petty cash is a small amount of cash on hand that businesses use to pay for small, everyday expenses, such as office supplies or lunch for employees. Petty cash funds are typically maintained to reduce the amount of checks written and processing time for small transactions.

The Petty Cash Fund Represents Cash on Hand and Is