A Debit Balance in Cash Over and Short Is Reported

question 184

Multiple Choice

A debit balance in Cash Over and Short is reported as a

• A) contra asset.
• B) miscellaneous asset.
• C) miscellaneous expense.
• D) miscellaneous revenue.

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Definitions:

Rate of Inflation

The rate of inflation is the pace at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Operational Efficiency

The ability of an organization to minimize waste and maximize output with the least input of resources like time, money, and labor.

Public-Sector Managers

Individuals who oversee and lead government agencies, departments, or publicly owned corporations, ensuring the delivery of public services efficiently and effectively.

Bankruptcy

A legal process through which individuals or businesses unable to meet their financial obligations can seek relief from some or all of their debts.