cash balance

Q: Bank Reconciliation Identify each of the following reconciling items as: • an addition to the cash…

A: Bank Reconciliations: There are many errors that can be made in the bookkeeping – for example, it is…

Q: Which of the following adjusts the bank's balance of cash in a bank reconciliation?  (More than one…

A: >Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

Q: On a ban reconcialiation, customer's checks that are returned for lack of funds would be a.…

A: PLEASE LIKE THE ANSWER CORRECT ANSWER IS "a" i.e.,  deducted from the balance per company records

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: Which of the following does not show good cash management regarding the controls over cash…

A:

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: When a petty cash fund is first established and reimbursed, the journal entries to record the…

A: when Petty cash Fund is First Establish the journal entry is   Petty cash A/c Dr.          To Cash…

Q: Tott Company has the following internal control procedures over cash disbursements. Identify the…

A: Internal control refers to the policies and plans of the business organization along with other…

Q: Which of the following statements is correct?

A: Answer: Checks are those document that are issued to give or receive any amount. a.Outstanding…

Q: If a check correctly written ind paid by the bank for $428 , and incorrectly recorded on the…

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

Q: ifferences between the amount of cash reported on a company’s bank statement and the balance in the…

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

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: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.

A: Answer: Cash is the asset that is being hold by the company.  Checks are the document that are…

Q: Which of the following controls would best prevent the lapping of accounts receivable?a. Segregate…

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: State the reasons of the following statement:  The balance in the cash column of the cash book is…

A: a.   Cash column of cash book will always show debit balance because cash payment can never exceed…

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: The following statements relate to cash. Which statement is false? O Legally restricted compensating…

A: 1. Restricted cash balance will always be excluded from cash . Therefore it is true statement.   3.…

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: Frank Kane company adheres to a policy of depositing all cash receipts in a bank account and making…

A: Answer

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: Which bank control protects against forgery? Which bank control reports what the bank did with the…

A: The answer is as fallows

Q: True or False - Monthly bank reconciliation is one of the internal control features in every…

A: SOLUTION MONTHLY BANK RECONCILIATION  IS ONE OF THE INTERNAL CONTROL FEATURE IN EVERY COMPANY ,…

Q: In preparing a bank reconciliation, outstanding checks are deducted from the balance per bank.…

A: Bank reconciliation is done to compare the bank balance as per company’s books with the balance as…

Q: A check returned by the bank marked "NSF" means Select one: a. not satisfactorily filled-out. b. not…

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

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: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a…

A: Statement of financial position is the one on which the company's assets and liabilities are…

Q: If a check correctly written and paid by the bank for $484 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: 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: .ch of the following statements is true? A. Window dressing is a practice of closing the books of…

A: Window dressing: It means to improve the appearance of a company's financial statements before it is…

Q: Which of the following does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

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: AI Naseeb Co. wrote a check for RO 715 which was correctly paid by the bank. However, Al Naseeb…

A: Calculate the adjustment amount:

Q: Bank Reconciliation Identify each of the following reconciling items as: an addition to the cash…

A: Bank Reconciliation:   In bookkeeping, a bank reconciliation is the process by which the bank…

Q: A bank reconciliation should be prepared periodically because Oa. the company's records and the…

A: Introduction Bank Reconciliation Statement is a Comparison between cash reported in bank statement…

Q: If the cash balance shown on the entity is accounting records is less than the correct each balance…

A: Answer

Q: 5. If the cash balance shown on a company’s accounting records is less than the correct cash balance…

A: Cash balance is less than the correct cash balance means, some cash needs to be added to the cash…

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 $541 is incorrectly recorded on the company’s…

A: Difference of amount in bank and company's book = $541 - $514 = $27

Q: For which of the following errors would the appropriate amount be subtracted from the balance per…

A: Bank reconciliation is the reconciliation of the Balance as per the books and Balance as per the…

Q: Why is the monthly reconciliation of bank accounts by an independent person an important internal…

A: Bank reconciliation statement is an important tool for internal control and it is prepared at the…

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…