0
A Cash Short and Over account is a financial account used to track discrepancies between actual cash on hand and the expected cash balance in a business. When cash received is less than expected, it is recorded as a "cash short," while any excess cash is recorded as "cash over." This account helps businesses identify and manage cash handling errors, theft, or other issues affecting cash flow. It is typically used in retail and hospitality settings where cash transactions are frequent.
What else can I help you with?
What is the usual balance of the account Cash Short and Over?
debit
Cash over and short is an expense account?
Yes. See http://www.principlesofaccounting.com/chapter%206.htm#Petty%20cash and find "Short and Over" for more info.
A 100 petty cash fund has cash of 18 and receipts of 80 The journal entry to replenish the account would include what?
receipts 80 Cash Short(Over) 2 Cash 82
Is cash in transit account receivable or cash account?
why do you debit cash account and credit receivables for cash in transit
What does ODC mean in account?
over drwan cash Harisha M.K. Mundre
What is the usual balance of the account Cash Short and Over?
debit
Amount of cash overages for a period exceeds the amount of cash shortages the balance in the account cash short and over will be?
credit
Cash over and short is an expense account?
Yes. See http://www.principlesofaccounting.com/chapter%206.htm#Petty%20cash and find "Short and Over" for more info.
A 100 petty cash fund has cash of 18 and receipts of 80 The journal entry to replenish the account would include what?
receipts 80 Cash Short(Over) 2 Cash 82
Would idle cash in a bank checking account classified as a short term investment?
No, idle cash in a bank checking account is not considered a short-term investment. It is simply cash that is not being actively used or invested. Short-term investments typically refer to assets that are expected to be converted into cash within a year, such as Treasury bills or money market funds.
Where is cash over and short?
"Cash over and short" is an accounting term used to describe discrepancies between the actual cash on hand and the expected cash amount in a cash register or cash drawer. If there is more cash than expected, it is considered "cash over," while if there is less, it is termed "cash short." These discrepancies can arise from errors in transactions, counting mistakes, or theft. Businesses often track these amounts to identify patterns and improve cash management.
What cash flow?
Cash flow is revenue or expenses stream that changes a cash account over or given period.
Is it a good business practice to maintain a large balance in cash account as possible?
No; convert the cash into cash equivalents (like short-term CDs instead)
What is cash account?
what is a cash account
Is cash in transit account receivable or cash account?
why do you debit cash account and credit receivables for cash in transit
Which accounts are involved in the following enteries Dixon opened a bank account in the name of the business by depositing 50000 cash which he had saved over a number for years?
[Debit] Bank Account 50000 [Credit]Cash Account 50000 Bank account as well as cash accounts are involved in this transaction.
Can you explain how the cash sweep process works?
The cash sweep process is a method used by companies to manage excess cash. It involves automatically transferring excess cash from a company's checking account into a higher-yielding investment account, such as a money market account or short-term investment. This helps the company earn more interest on its idle cash and maximize its financial resources.
