Bank charges is an example of a timing difference. True or False Interest on overdraft is an example of a timing difference. True or False
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- What is the normal balance for bank overdraft and why?Which of the following is false about the discount on short-term notes payable? The Discount on Notes Payable account has a debit balance. The Discount on Notes Payable account should be reported as an asset on the balance sheet. If there is a discount on notes payable, the effective interest rate is higher than the stated discount rate. All of these are trueIn the deposit function, banks treat interest as income. True False
- What is the term of interest on bank overdraft?An increase in money supply coupled with a disruption in the supply chain will often cause inflation True FalseThe dollar difference between Accounts Receivable and Allowance for Doubtful Accounts is called (a) book value. (b) interest value. (c) carrying value. (d) net realizable value.
- Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of cash to be received in the future, failure to follow this practice usually does not make the balance sheet misleading because a. The amount of the discount is not material. B. Most receivables can be sold to a bank or factor. C. Most short-term receivables are noninterest bearing. D. The allowance for uncollectible accounts includes a discount element.Overdraft checks are insufficiently funded. True False There is a guarantee of higher interest income when certificates of time deposit are rolled over. True FalseThe purpose of the inflation premium is to maintain the purchasing power of money while it is loaned to someone else. TTrueFFalse What kind of problem bad credit risks people pose to financial intermediaries ? AMoral hazard BNone of the above CAdverse Selection DFree-riding
- Bank overdraft is reported in the current asset section of the balance sheet. * True Falserefers to the possibility that the debtors supported by bank credit are unable or unwilling to repay the debts on time as stipulated in the contract for various reasons, causing losses to the bank. (A) Credit risk (B) Market risk (C) Operational risk (D) Liquidity riskHow are refundable deposits and customer advances similar? How do they differ?
