The Account Cash Overage Is Which Type of Account

question 115

Multiple Choice

The account Cash Overage is which type of account?

• A)An asset account
• B)A liability account
• C)A miscellaneous revenue account
• D)A miscellaneous expense account

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Definitions:

AASB 137

refers to an Australian accounting standard concerning the recognition and measurement of provisions, contingent liabilities, and contingent assets.

Financial Effect

The impact of financial transactions and events on the financial statements of an organization, altering its financial condition or performance.

Uncertainties

Situations or elements with unpredictable outcomes, often affecting decision-making and planning in business and science.

Expected Outflows

The projected cash or resource outflows from a business or specific project, often used in financial planning or investment analysis.