A credit balance in the Cash Short and Over account represents a shortage of cash and would be treated as an expense.
Answer the following statement true (T) or false (F)
False
A debit balance in the Cash Short and Over account represents a shortage of cash and would be treated as an expense. An overage of cash represents revenue and is recorded by crediting the Cash Short and Over account.
You might also like to view...
The probability that Pete will catch fish when he goes fishing is .88. Pete is going to fish 3 days next week. Define the random variable x to be the number of days Pete catches fish. The probability that Pete will catch fish on exactly one day is
A. 0.880. B. 0.038. C. 0.040. D. 0.960.
An income statement reports revenues earned minus expenses incurred over a period of time.
Answer the following statement true (T) or false (F)
Private colleges and universities use the same accounting and reporting standards as public colleges and universities.
Answer the following statement true (T) or false (F)
The best business opportunities often combine both ________ and ________.
A. extreme luck/chance B. luck/sales skill C. sales/marketing D. internal/external factors