Petty Cash

Accounting Terms Dictionary

Select a letter below to view all accounting terms that begin with that letter.

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.

There is currently no content classified with this term.

Get instant access to step-by-step instructions on how to apply and sit for the CPA Exam.

Expected or Past Undergrad Graduation Date*

When Do You Plan to Start Studying?