The Accountant for Ye Olde Bookstore Balanced Out the Cash

question 10

Multiple Choice

The accountant for Ye Olde Bookstore balanced out the cash register for the day. The company began the day with $125 and ended the day with $1,150.25 in the cash drawer. That day's cash register tape shows $1,031.50 in cash sales. What is the effect on the financial statements of recording the day's sales and any related overage or shortage?

• A)Option A
• B)Option B
• C)Option C
• D)Option D

---

Definitions:

Rules

Rules are prescribed guides for conduct or action that are established by an authority, institution, or organization to regulate behaviour.

Procedures

Established or official ways of doing something, which involve a series of actions or steps taken in order to achieve a particular end.

Traditional Organization Design

A hierarchal structure in organizations where positions and information flow from top to bottom, characterized by clear departmentalization and authority gradients.

Entrepreneurs

Individuals who initiate, manage, and assume the risks of starting and running new businesses or ventures.