Accounting Dictionary

Petty Cash

Petty cash is a relatively small amount of money often kept in currency and paper money that is used to pay for small emergency purchases. It is a current asset.

Restaurants buy their food from food wholesalers. But if they ran out of butter and needed it tonight, they might take $25 out of their petty cash drawer and send someone to the local grocery store to buy butter. That is an example of how petty cash is used.

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