A Cash Over and Short Account

question 108

Multiple Choice

A Cash Over and Short account

• A) is not generally accepted.
• B) is debited when the petty cash fund proves out over.
• C) is debited when the petty cash fund proves out short.
• D) is a contra account to Cash.

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Definitions:

Federal Insurance Company

An insurance provider that is regulated at the federal level, offering various types of insurance policies to protect against specific risks.

Timely

Refers to something done or occurring at a favorable or useful time; prompt.

Assent

Agreement or approval, typically given formally or officially, to a proposition or contract terms.

Offeree

The person or party to whom an offer is made, especially in contract law.