Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A little confused. Help is appreciated. Thanks! Which of the following statements is true regarding the cash over and short account? Select one a. It

A little confused. Help is appreciated. Thanks!
image text in transcribed
Which of the following statements is true regarding the cash over and short account? Select one a. It is impossible to have cash shortage or overage it employees are paid with cash rather than by cheque. b. If there is a small cash shortage, the entry to account for daily cash sales would include a credit to the cash over or short account C. A credit balance in a cash over or short account shall be considered a liability because the short changed customer will demand return of this amount. d. If the cash over or short account has a debit balance at the end of the accounting period it must be debited to a miscellaneous expense account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Debates On Politics And Public Administration In The Postmodern Era

Authors: Ă–mer Ugur, Kadir Caner Dogan

1st Edition

3631796331, 9783631796337

More Books

Students also viewed these Accounting questions