Explain about the petty cash, Accounting Basics

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Explain about the Petty Cash

Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude how much cash needs to be on hand.

It needs to be secure and with only one person in charge.
Vouchers should be kept to show usage.
There needs to be supporting documentation (Auxiliary Record) to summarize and record expenditures.

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