Petty Cash
A small cash fund held for minor day-to-day expenses, reconciled and replenished periodically — a disproportionately common source of control weakness given the small amounts involved.
Related terms
- Performance Materiality
An amount set below overall materiality, to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
- Perpetual Inventory System
An inventory record that updates continuously as transactions occur, as distinct from a periodic system that only determines quantities at a physical count.
- Physical Verification
Directly inspecting an asset (inventory, fixed assets, cash) rather than relying solely on the book record, to confirm it exists and is in the condition and location the records claim.
- Place of Supply
The location that determines whether a supply is intra-state or inter-state under GST, and therefore which tax (CGST/SGST or IGST) applies.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.