ACCOUNT Definition

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ACCOUNT is the detailed record of a particular asset, liability, owners equity, revenue or expense.

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CASH SHORT/OVER ACCOUNT, in retail sales, is where any differences between the cash register tape totals and the actual cash receipts is charged against the cash short and over account. If the ending balance of the account is a debit it is shown on the Income Statement as a miscellaneous expense. If the ending balance of the account is a credit it is shown on the Income Statement as Other Revenue.

IVA TAX see IMPOSTA VALORE AGGIUNTO TAX.

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