A check returned by the bank marked "NSF" means Select one: a. not satisfactorily filled-out. b. not sufficient funds. C. no service fee. d. no signature found.

Q: Outstanding checks: Group of answer choices Have not been received by the bank for processing Are…

A: Outstanding checks are those that the business has written to a supplier but these have not been…

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?…

A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank…

Q: The following are the reasons for dissimilarity between balances in the bank statement and the cash…

A: Dissimilarity between bank statement and cash book occurs due to various factors like Dishonored…

Q: In many cases, banks do not permit depositors to spend the proceeds of a deposit until several days…

A: Bank: A bank is a monetary organization where clients can set aside or acquire cash. Banks…

Q: All of the following statements are True about Bank overdrafts: If no offsetting allowed, should be…

A: Bank Overdraft:  A bank overdraft occurs when there is not enough money to do the transaction but…

Q: Auditors typically will find the items lettered A–F in a client-prepared bank reconciliation. Check…

A: Given procedures are: 1. Trace to cash receipts journal.2. Trace to cash disbursements journal. 3.…

Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Which of the following statements is true? A certified check should be included in the outstanding…

A: Certified check means the check issued by bank saying that there is sufficient funds available in…

Q: If the balance shown in the bank statement is less than the correct cash balance and neither the…

A: A bank reconciliation statement (BRS) refers to a statement drawn up by the business to verify the…

Q: Outstanding checks refer to checks that have been: Multiple Choice Written, recorded, sent to…

A: Outstanding checks : These are the checks which are written and sent to the bank but which are not…

Q: Requiring an employee who does not handle accounting records to open the mail is an example of…

A: Accounting is the process of recording, classifying and summarising accounting information. After…

Q: The bank balance in the cash book and that of the bank statement may disgrace because of…

A: Bank balance in cash book means balance shown in books of the company as cash balance. Bank…

Q: If a check correctly written and paid by the bank for $649 is incorrectly recorded on the company's…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When preparing a bank reconciliation, a not sufficient funds (NSF) check is

A: Not sufficient funds (NSF) check is the check issued by the issuer but which is not honured or…

Q: cash balance

A: If the cash balance shown in the company’s cash records is more than the correct cash balance and…

Q: Which of the following statements about a forged drawer's signature on a check is true? A.)   A…

A: A forged drawer’s signature represents the instrument or checks to contain the forged signature of…

Q: If a check correctly written and paid by the bank for $749 is incorrectly recorded in the company's…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Seldom does the balance of the cash in bank account in the depositor's books agree with the balance…

A: Seldom does the balance of the cash in bank account in the depositor's books agree with the balance…

Q: What possible findings can you give if given the chance to investigate the effects of the…

A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to…

Q: If a check correctly written and paid by the bank for $637 is incorrectly recorded on the company's…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: If a check correctly written and paid by the bank for $744 is incorrectly recorded on the company's…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: Which of the following statements about a forged drawer's signature on a check is true? a.)   A…

A: The answer for the multiple choice question and relevant working are presented hereunder : A check…

Q: 7. Which statement is true?    a. Bank service charge will cause the cash balance per ledger to be…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered as per guidelines. If…

Q: If an adjustment for an NSF check is made in a company’s bank reconciliation, then the company must…

A: A bank reconciliation is the statement which indicates the difference or errors due to which certain…

Q: When the question states that the balance in the cash at bank account and the bank statement did not…

A: A bank reconciliation statement, as the name indicates, reconciles the cash and bank balance of the…

Q: Bank statements provide information about all of the following, except Checks cleared during the…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: Evaluate the effectiveness and state the shortcomings of thepreparation of a bank reconciliation by…

A: Given statement is: “When I reconcile the bank account, the first thing I do is review the sorted…

Q: G. From the following particulars, you are required to find out the errors in cash book and bank…

A: A bank reconciliation statement compares an entity's bank account to its financial records and…

Q: If the balance shown on a company’s bank statement is less than the correct cash balance and neither…

A: Bank reconciliation statement is a statement used to match the balance of money reported on the…

Q: The following are misstatements that might be found inthe client’s year-end cash balance (assume…

A: A deceptive act done purposefully intentionally or by one party so as to impact another party to go…

Q: What if the drawee bank failed to determine right away that the CHECK is supposed to be dishonored…

A: Cheque bounce is a criminal offence under Section 138 of the Act, for which the payee can file a…

Q: Technically, a bank can require depositors to give prior notice before they withdraw funds from time…

A: Time deposits are deposits in the a bank which has fixed time of maturity. For this deposits,…

Q: A cash payment under a good control system will have. а. Too much amount Bank book balance b.…

A: Under a good cash disbursement control system all payments are to be authorized and must be approved…

Q: Which of the following must be deducted from the bank statement balance in preparing a bank…

A: Bank reconciliation is important for better Internal control because it provides the clear picture…

Q: Which of the following accounts will not be used in case a security is discounted or collected to…

A: The bank will provide a facility for short-term loans by taking the accounts or notes receivables of…

Q: Assuming none of the transactions reported by the bank debit or credit memos have been recorded by…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Outstanding checks are checks the company has written and recorded but the bank has not received.…

A: Outstanding checks are the checks that have been issued by the company but they have not yet been…

Q: Payment by check is an important internal control over cash payments because a. the check must be…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: An adjusting entry is required for: Select one © a. Deposit în transit. O b. Outstanding checks O…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: red on the bank reconciliation did not require a journal entry? Select one: A. bank service charges…

A: A "deposit in transit" is an accounting term that refers to checks or other non-cash payments…

Q: Which of the following is a bank account from which a company transfers funds from a master account…

A: The banks require funds for the settlements of the accounts, cheques clearance, and other payments.…

Q: A check returned by a bank because the issuer’s cash account balance could not cover the check is…

A: Introduction: Banks: Banks accepts deposits from public and give loans to its customers. Interest is…

Q: Which of the following is not true? a. The Petty Cash account is debited when the fund is…

A: Solution:- Given, Some options related to Bank and we have to find the what is not true in those…

Q: During a bank reconciliation process, Oa. outstanding checks and deposits in transit are subtracted…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Which of the following will NOT require an adjusting entry when reconciling the bank statement? O…

A: Bank reconciliation is a statement prepared to match bank account balance as per cash book and bank…

Q: In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per…

A: A bank reconciliation statement is prepared to reconcile the balance as per bank books and as per…

Q: If a check correctly written and paid by the bank for $512 is incorrectly recorded in the company's…

A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.