Examlex
Payments for injury or damage that occurs during the use of the business's products is referred to as
Petty Cash Fund
A petty cash fund is a small amount of cash kept on hand for making immediate, low-cost expenditures, reducing the need for writing checks or using credit transactions.
Cash Short
A situation where the cash on hand is less than the expected amount or what is recorded in the books, often indicating errors or mismanagement.
Journal Entry
A record in an accounting journal that captures the financial transactions of a business, showing debits and credits for each transaction.
Petty Cash Account
A modest sum of money maintained readily available for small, urgent costs.
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