The account which records the difference between the cash needed for replenishment and amount of receipts is called:

Question

Quizplus · Accepted Answer

The account that records the difference between the cash needed for replenishment and the amount of receipts is called Cash Over and Short. Petty Cash is a separate account that is used to handle small, routine transactions. Cash Equivalents are high-liquidity assets such as money market accounts, treasury bills, and commercial paper. Discrepancy Expense is not a commonly used term in accounting.

The Account Which Records the Difference Between the Cash Needed