Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ Minor amount of cash kept on hand.

Question

Quizplus · Accepted Answer

Petty cash is a small amount of cash kept on hand by a business for minor expenses such as postage or office supplies. A is incorrect because a cash equivalent is an investment that can easily be converted to cash. B is incorrect because bank reconciliation is the process of comparing a business's bank statement to its own accounting records. D and E are incorrect because debit and credit cards are not related to the concept of petty cash.

Listed Below Are Five Terms Followed by a List of Phrases