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Describe simple and compound conditions.
Petty Cash Fund
A small amount of cash kept on hand for making minor, immediate purchases or reimbursements in a business.
Reimbursed
The act of compensating someone for an expense they have incurred, often related to their employment or a specific task they have undertaken.
Deposits In Transit
Refers to funds that have been deposited by a company but not yet recorded by the bank, often leading to a discrepancy in the balancing of accounts.
Deposits In Transit
Deposits in transit are amounts that have been received and recorded by a company, but have not yet been processed or acknowledged by the bank.
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