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What is Petty Cash and how is it represented on the balance sheet? What types of...

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Accounting

What is Petty Cash and how is it represented on the balancesheet? What types of expenses are used with petty cash?

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Petty cash is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque because of the inconvenience and costs of writing signing and then cashing the cheque The most common way of accounting for petty cash expenditures is to use the imprest system The initial fund would    See Answer
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