Question

What describes a small amount of discretionary funds used for small purchases not requiring a check or credit card in a practice?

Petty cash
Quick cash
Liquid assets
Petty funds

Answer 1

Petty cash describes a small amount of discretionary funds used for small purchases not requiring a check or credit card in a practice.

Step-by-step explanation:

Petty cash describes a small amount of discretionary funds used for small purchases that do not require a check or credit card in a practice. It is typically kept on hand in a secure location and is used for minor expenses such as office supplies or postage.