Asked by
rebeca Clarida
on Nov 12, 2024
Verified
The debit balance in Cash Short and Over at the end of an accounting period is reported as
A) an expense on the income statement
B) income on the income statement
C) an asset on the balance sheet
D) a liability on the balance sheet
Income Statement
An income statement is a financial statement that shows a company's revenues and expenses over a specific period of time, ultimately revealing the company’s profit or loss.
Balance Sheet
A report detailing a corporation's assets, liabilities, and shareholders' equity at a certain moment.
- Gain an insight into the elements of internal control and their critical role in overseeing and securing a firm's assets.
Verified Answer
OG
Learning Objectives
- Gain an insight into the elements of internal control and their critical role in overseeing and securing a firm's assets.