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baddestbunny
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LSDefine
Simple English definitions for legal terms
cash
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A quick definition of cash:
Term: CASH
Definition: Cash is money that you can use to buy things. It can be coins, paper money, or money in a bank account that you can use to pay for things you need. Petty cash is a small amount of money that is kept on hand for small expenses.
A more thorough explanation:
Definition: Cash refers to money or its equivalent, including currency, coins, negotiable checks, and balances in bank accounts. It can also refer to petty cash, which is currency kept on hand for incidental expenditures.
- When you go to the store and pay with paper bills or coins, you are using cash.
- If you deposit a check into your bank account and the funds become available for you to use, that is also considered cash.
- Many businesses keep a small amount of petty cash on hand to pay for small expenses like office supplies or snacks for employees.
These examples illustrate how cash can take different forms, including physical currency and digital balances in bank accounts. Petty cash is a specific type of cash that is used for small expenses and is kept on hand for convenience.