The account which records differences between amounts of cash deposited and amounts from the cash register tapes is called
A)Petty Cash
B)Cash Over and Short
C)Cash Equivalents
D)Discrepancy Expense

Question

Quizplus · Accepted Answer

The account which records differences between amounts of cash deposited and amounts from the cash register tapes is called Cash Over and Short. This account is used to record any discrepancies in cash transactions, which may arise due to errors or theft. Petty Cash is a fund used for minor expenses, Cash Equivalents are short-term investments that can be easily converted to cash, and Discrepancy Expense is not a commonly used term in accounting.

The Account Which Records Differences Between Amounts of Cash Deposited