The Cash Over and Short Account

question 9

Multiple Choice

The Cash Over and Short account:

• A) Is used to record a credit balance in the cash account.
• B) Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and missing petty cash receipts.
• C) Is not necessary in a computerized accounting system.
• D) Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and missing petty cash receipts and is not necessary in a computerized accounting system.
• E) None of these answers is correct.

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Definitions:

Internal Integration

The process of ensuring that the various elements within an organization, such as departments and teams, work together seamlessly towards common objectives.

Observable Culture

Aspects of an organization's culture that can be seen or experienced directly, such as rituals, dress codes, and physical layouts.

Employee Handbook

A document provided by an employer to employees, which outlines the organization’s policies, procedures, and expectations.

Subcultures

Subcultures are groups within a larger culture that have distinct beliefs, behaviors, or interactions that set them apart.