PETTY CASH Definition

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PETTY CASH, normally, is an account and location where tangible cash is stored for usage in purchasing or the reimbursing of inexpensive out-of-pocket expenditures.

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REPLACEMENT COST NEW is the current cost of a similar new property having the nearest equivalent utility to the property being valued.

DEPRECIATION REVERSAL is the reversal of a depreciaton amount in the depreciation reserve account.

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