Company Final Accounts

General Accounting Principles

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Petty cash is used for payment of

Salaries & wages of the staff

For purchase of assets

Small expenses relating to postage's and conveyance etc.

All of the above

Explanation:

Petty cash is used for payment of Small expenses relating to postage's and conveyance etc. Petty Cash is a current asset account; it is part of a company's cash. A petty cash fund is a small amount of cash kept on hand to pay for minor expenses, such as office supplies or reimbursements. A petty cash fund will undergo periodic reconciliations, with transactions also recorded on the financial statements.

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