FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Step 1
Petty cash refers to a special fund created by a business in order to meet the regular petty expenses. The business sets aside a small amount and hands it over either to a person or puts it in a locker box so that incidental expenses are met. This amount is usually set aside for a small period and is re-established as soon as the petty cash amount lapses.
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