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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Describe how cash over and short can be used for internal control purposes.

To determine

Introduction:

It’s another important control activity requires that cash receipts be deposited in a bank daily. At the end of the each day, the amount of cash received during the day is debited to the cash accounts to which it has been deposited. The amount deposited should equal the total of cash register tapes. If it doesn’t, the discrepancy is recorded in an account called Cash over and short.

The usage of cash over and short for internal control purposes.

Explanation

It has been observed that a cash shortage require a debit to cash over and short whereas a cash overage would require a credit. One common source of cash over and short is errors in making change for cash sales...

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