Multiple Choice
The Cash Over and Short account:
A) Is used to record a credit balance in the cash account.
B) Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and missing petty cash receipts.
C) Is not necessary in a computerized accounting system.
D) Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and missing petty cash receipts and is not necessary in a computerized accounting system.
E) None of these answers is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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