Payments for Injury or Damage That Occurs During the Use

question 99

Multiple Choice

Payments for injury or damage that occurs during the use of the business's products is referred to as

• A)fringe benefits.
• B)product liability.
• C)customer service.
• D)OSHA requirements.

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Definitions:

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.