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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.
Intermediate Accounting For Dummies. The definition of cash goes beyond paper bills and coinage. Any sort of account thatâs backed by cash is deemed a cash account. For example, when you go to the college bookstore and write a check to pay for your honking big intermediate accounting textbook (1,600 pages, yikes!), your check is the same as cash. When you sign it, you attest to the fact that you have funds in your checking account, allowing this check to immediately clear â that is, those funds are withdrawable upon demand.