House a Has an Ocean View and House B Does

question 46

Multiple Choice

House A has an ocean view and House B does not. In all other respects,the two houses are the same. The market price of house A is $2,300,000; the market price of house B is $1,600,000. The ocean view is valued at

• A) $700,000.
• B) $1,950,000.
• C) -$700,000.
• D) $600,000.

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Definitions:

Cash Over

A situation where the amount of cash on hand is more than what was expected or reported, often requiring investigation.

Petty Cash Account

A small amount of cash kept on hand for minor or incidental expenses, controlled through a fund system to manage small business transactions.

Auxiliary Petty Cash Record

A detailed log used to track the small transactions handled through a petty cash fund, aiding in the reconciliation and management of petty cash.

Petty Cash Voucher

A document used to record small cash payments, detailing the purpose of the payment, the amount, and the person who received the funds.