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 that 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 track discrepancies in cash amounts and is an important tool in identifying and preventing theft or errors in cash handling. Petty cash is a separate account used for small, day-to-day expenses, while cash equivalents are investments that are easily converted to cash. There is no such thing as a "discrepancy expense" account.

The Account Which Records Differences Between Amounts of Cash Deposited