At the End of the Fiscal Period, the Credit Balance

question 30

Multiple Choice

At the end of the fiscal period, the credit balance in Cash Short and Over is reported as

• A)an other expense on the income statement.
• B)an asset on the balance sheet.
• C)an other revenue on the income statement.
• D)a liability on the balance sheet.
• E)part of owner's equity on the balance sheet.

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Definitions:

Aqueous Solution

A solution where water acts as the solvent.

pH

A measure of the acidity or alkalinity of a solution, on a scale of 0 to 14, where 7 is neutral, values less than 7 are acidic, and values greater than 7 are basic.

Essential Amino Acids

Amino acids that cannot be synthesized by the human body and thus must be obtained from the diet.

Vital Powers

The inherent capacities of a living organism to grow, adapt, and self-regulate, contributing to its survival and health.