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- On a 32 day notice deposit account, if you opt to withdraw funds sooner than the 32 day notice period, there is a fee involved. How are these fees reflected in the GL of the bank?Which one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated chequeShow how each of the following would initially affect a bank’s assets liabilities. Someone makes $1000 deposit into a checking account. A bank makes a loan of $1000 by establishing a checking account for $1000 The loan described in part (B) is spent. A bank must write off a loan because the borrower defaults.
- Which of the following is true of a maturity date? A. It must be calculated in days, not in months or years. B. It is the date when principal and interest on a note are to be repaid to the lender. C. It is the date of establishment of note terms between a lender and customer. D. It is not a characteristic of a note receivable.Which of the following shall not be presented under cash and cash equivalents? [A] a post-dated check delivered before reporting date [B] A post-dated check received before reporting date [C] a redeemable preference share acquired one month before its maturity [D] an account in a bankrupt bank with a recoverable amount 30% of the amount depositedCertificates of deposit maturing during the current operating cycle or within one year shall not be included under cash and cash equivalents. Select one: True False
- Bank A pays 2% interest compoundedannually on deposits, while Bank B pays 1.75% compounded daily.a. Based on the EAR (or EFF%), which bank should you use?b. Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.ertificate of deposit is classified as “cash equivalent” if it matures in a. Less than three months b. More than three months c. More than six months d. Less than six monthsIn many cases, banks do not permit depositors to spend the proceeds of a deposit until several days have elapsed. What risks do banks face in the check-clearing process? Does this justify holds on checks?
- You have $13,800 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $5,400 . a. Does this create a disbursement float or a collection float? b. What is your available balance? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g. 32.) c. What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. )Are 1 year certificates of deposit recorded on bank reconciliation?Which account are cash receipts are recorded into as a debit entry by default? A Undeposited Funds B Bank Chequing C Funds for Deposit D Cash in Bank Which form should be used to record credit card purchases? A Enter Purchase Orders B Enter Bills C Enter Credit Card Charges D Credit Card Purchases What is the default aging interval for customer accounts? A 60 days B 180 days C 90 days D 30 days