BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The purpose of a petty cash fund is to provide business units with sufficient cash to cover minor expenditures. The intent is to simplify the reimbursement of staff members and visitors for small expenses that generally do not Exceed $25.00, such as taxi fares, postage, office supplies, etc.

Detailed explanation-2: -Key Takeaways A petty cash fund can be used for office supplies, cards for customers, flowers, paying for a catered lunch for employees, or reimbursing employees for expenses.

Detailed explanation-3: -Petty cash is a small amount of cash kept on hand to cover small, and often unexpected, expenses that pop up during a business day. You might use money from the petty cash fund to pay for minor expenses such as postage, Uber fares, or reimburse someone $10 for bringing in a box of donuts.

Detailed explanation-4: -Petty Cash Fund Definition – A small cash fund used to make incidental purchases where normal purchasing methods are not practical. Special care must be taken to protect such funds from theft or misuse.