CASH SHORT/OVER ACCOUNT Definition

Bookmark and Share

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.

Learn new Accounting Terms

SELLING SHORT is selling securities not yet owned by the seller in anticipation of declining market prices. At some point in the future, the seller covers the sale by purchas­ing and delivering the securities.

SPOT COMMODITY is a commodity traded with the expectation that it will actually be delivered to the buyer, as contrasted with to a FUTURES CONTRACT that will usually expire without any physical delivery actually taking place. Spot commodities are traded in the SPOT MARKET.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.