What is Petty Cash in Accounting? Meaning and Purpose
Every business, regardless of size, has various expenses that need to be covered daily. These expenses are often small and frequently occur, such as office supplies, refreshments, or minor repairs. Petty cash is an accounting method used by businesses to manage these small or petty expenses, typically less than $100. In this blog post, we […]
What is Credit Risk?
Credit risk is a term used to describe the potential financial loss a lender may experience when a borrower fails to repay a loan or credit. In other words, it is the risk of default on a loan or the risk of loss of principal or interest. Credit risk is a significant concern for banks, […]