Which of the following statements is not correct?
A. The petty cash account balance is usually listed separately from the Cash account on the Balance Sheet.
B. In a well managed business, most bills are paid by cash.
C. In accounting, the term "cash" includes checks, money orders, and funds on deposit in a bank as well as currency and coins.
D. The cash register proof is used to enter the cash sales and sales tax in the journal.
Answer: B
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What will be an ideal response?
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