A Cash Over and Short Account Is

question 447

Multiple Choice

A Cash Over and Short account is

• A)not generally acceptable under Canadian GAAP.
• B)debited when the sum of the receipts and the cash in the fund is more than the imprest
• Amount.
• C)debited when the sum of the receipts and the cash in the fund is less than the imprest
• Amount.
• D)a contra account to Cash.

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Definitions:

Unrealized Loss

A loss that has occurred on paper due to a decrease in the value of an investment or asset, but has not been realized through a transaction.

Fair Value Adjustment

A process of adjusting the book value of an asset or liability to reflect its current market value, used in accounting to ensure the fair presentation of financial statements.

Trading Portfolio

A collection of financial assets, such as stocks or bonds, held by an institution or individual for the purpose of realizing profits from short-term price movements.

Unrealized Gain or Loss-Income

The increase or decrease in the value of an investment that has not yet been sold for a profit or loss.