PETTY EXPENSES Meaning and
Definition
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Petty expenses refer to small or insignificant costs incurred in day-to-day operations or personal activities. These expenses are typically minor in nature, often involving small amounts of money spent for various purposes. Petty expenses are typically unrelated to major expenditures or significant financial transactions but can collectively have a noticeable impact on one's overall finances if not carefully managed.
Petty expenses can include a wide range of items such as stationery, office supplies, transportation fares, toll fees, small repairs, postage, tips, meals, and other similar miscellaneous expenses. These costs may be incurred regularly or sporadically depending on individual circumstances, but they are generally considered routine expenditures typically involving low-value transactions.
Organizations and individuals alike must keep track of petty expenses to maintain accurate financial records and ensure proper budgeting. It can be beneficial to maintain a petty cash fund to cover such costs efficiently. A petty cash system allows for easy reimbursement or replenishment of funds for these daily expenses, usually handled by a designated custodian.
By closely monitoring and controlling petty expenses, individuals and organizations can minimize unnecessary costs and better allocate resources towards more substantial expenditures or investments. Proper management of petty expenses is crucial for maintaining financial discipline, preventing wasteful spending, and upholding fiscal responsibility in both personal and business settings.
Common Misspellings for PETTY EXPENSES
- oetty expenses
- letty expenses
- 0etty expenses
- pwtty expenses
- pstty expenses
- pdtty expenses
- prtty expenses
- p4tty expenses
- p3tty expenses
- perty expenses
- pefty expenses
- pegty expenses
- peyty expenses
- pe6ty expenses
- pe5ty expenses
- petry expenses
- petfy expenses
- petgy expenses
- petyy expenses
- pet6y expenses
Etymology of PETTY EXPENSES
The word "petty" comes from the Old French word "petit" meaning "small" or "trivial". It was borrowed into Middle English around the 14th century. The term "expenses" is derived from the Latin word "expendere", which means "to weigh out" or "to pay". Therefore, "petty expenses" refers to small or insignificant expenditures.
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