1- The accrued interest and commission represent unpaid expenses on the bank. true
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A: Hi student Since there are multiple questions, we will answer only first question.
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- Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankIn a bank reconciliation, interest revenue earned on your bank balance isa. added to the book balance.b. deducted from the book balance.c. deducted from the bank balance.d. added to the bank balance.Which of the following adjusts the company’s balance of cash in a bank reconciliation? a. Interest earned. b. Checks outstanding. c. Deposits outstanding. d. An error by the bank.
- Which one of the following statements is false?a. Consumer loans are loans banks advance to individuals.b. Loans are classed as liabilities on a bank’s balance sheet.c. Loans are classed as assets on a bank’s balance sheet.d. Deposits are classed as liabilities on a bank’s balance sheet.1. Can you describe any circumstances where it might be in the interest of the bank to divulge information about the affairs of one of its customers? 2. What duties does a customer have to his or her bank?One of the duties of a bank is to repay money on demand in accordance with the customer’s written instructions. True False
- When banks allowed the business to withdraw money even when the account has no funds is known as _______. a. Accounts payable b. Unearned revenues c. Outstanding expenses d. Bank overdraftsIf credit side of a bank account is greater than debit side, it indicates: A. Bank overdraft B. Cash at bank C. Bank balance D. Current assetIt is the amount collected by the business in advance from the customers before the business actually provide the goods or services to the customers. a. Bank overdrafts b. Outstanding expenses c. Accounts payable d. Unearned revenues
- Select TWO true statements about money.a. Base money is equal to cash plus commercial bank reserves with the central bankb. Cash is a liability of the central bankc. If a commercial bank makes a loan and credits the borrower's current account, then base money increasesd. Commercial bank reserves with the central bank appear as a liability in their balance sheetsThe accounting treatment of a transfer fees by a bank is: a. An interest income b. An interest expenses c. A non-interest income d. A non-interest expensWhich of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance? a. Reduction of the loan charged to the account of depositor b. Outstanding checks c. Deposit in transit d. Certified checks
