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Simple English definitions for legal terms
petty cash
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A quick definition of petty cash:
Petty cash is a small amount of money that is kept on hand for small expenses. It is usually used for things like buying office supplies or paying for small repairs. Petty cash is different from regular cash because it is only used for specific purposes and is kept separate from other money.
A more thorough explanation:
Definition: Petty cash is a small amount of money kept on hand for minor expenses.
Examples: Petty cash can be used to buy office supplies, pay for postage, or reimburse employees for small expenses like parking fees. For example, if an employee needs to buy a few pens for the office, they can use petty cash instead of submitting a reimbursement request.
This definition explains that petty cash is a small amount of money that is used for incidental expenses. The examples illustrate how petty cash can be used in a business setting to cover small expenses without the need for a formal reimbursement process. This can save time and paperwork for both employees and the accounting department.