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 from missing petty cash receipts.
C)Is not necessary in a computerized accounting system.
D)Can never have a debit balance.
E)Can never have a credit balance.

Question

Quizplus · Accepted Answer

The Cash Over and Short account is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and from missing petty cash receipts.

The Cash Over and Short Account