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Bookkeeping MCQs

The following statements are true regarding the Cash short and Over account except

"Cash Short and Over also acts as an internal control device."

"There is rarely a difference between actual cash receipts and that day's record of cash receipts."

"A large balance signals the accountant to investigate."

"Honest errors can result in an entry to this account."

Answer

Correct Answer: "There is rarely a difference between actual cash receipts and that day's record of cash receipts."

Explanation:

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