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cash on hand. Definition. Funds that are immediately available to a business, and can be spent as needed, as opposed to assets that must be sold to generate cash. The amount of cash on hand determines what projects a company can undertake, or what financial hardships can be absorbed, without going into debt or arranging other financing.
Is Unearned Revenue a Contra Asset? Almost all accounting is done on either a cash basis or an accrual basis. Cash basis accounting means that costs and revenues are recorded on the accounts when cash is either paid out or received for those transactions.