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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.
Cash is an Asset that is received in exchange in the sale of a product or service. In Accounting, Revenue, Income and Sales are synonymous, they are Sources of Cash, not Cash itself. Financial Statements: Accounting Types help to organize Financial Statements too. All Accounting Types are found on the Trial Balance but the Income Statement and Balance Sheet split the Accounting Types between them.