MONEY ON HAND Meaning and
Definition
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Money on hand refers to the physical currency and coins held by an individual, household, business, or organization that are readily available for immediate use as a medium of exchange. It represents the liquid assets or cash reserves that can be accessed without any delay or difficulty. Money on hand constitutes the tangible form of money, as opposed to other forms of financial assets like bank deposits, investments, or credit.
Money on hand is commonly used to facilitate daily transactions, such as making purchases, paying bills, or settling debts. It serves as a convenient means of payment during face-to-face transactions, as it eliminates the need for electronic transfers or banking processes.
The amount of money on hand may vary depending on the preferences and circumstances of the entity in question. Individuals may choose to carry a small amount of cash in their wallet, while businesses may have larger cash reserves to support their operational needs. The level of money on hand is often influenced by factors like the availability of banking facilities, personal or business cash flow requirements, and how easily cash can be obtained from nearby sources like ATMs or financial institutions.
Overall, money on hand serves as a readily accessible financial resource that enables immediate transactions and provides a sense of financial security, as it can be used in emergency situations or if electronic payment systems become temporarily unavailable.
Common Misspellings for MONEY ON HAND
- noney on hand
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