A Cash Over and Short Account Is

question 3

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:

Adjust

To change or modify something in order to achieve a desired result or fit a new situation.

Lasting Change

Enduring or permanent transformation in habits, behaviors, or circumstances that remains over time.

Track

A path or course laid out for running or racing, or the act of following or monitoring progress or developments.

Discard

To throw away or remove something unnecessary or unwanted.