Choose the Word or Phrase in [ ] Which Will

question 66

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-The most popular type of lease is the [closed-end | open-end] lease.

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Definitions:

Cash Over and Short

An account that records discrepancies between physical cash and recorded amounts due to errors or theft.

Journal Entry

A record of a financial transaction that includes the date of the transaction, the affected accounts, the amounts, and a brief description.

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business to avoid writing checks.

Cash Over and Short

An accounting line item that indicates the discrepancies between the amount of cash in the register and the amount of cash according to the accounting records.