From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability. c.contra asset. d.surplus. e.revenue.

Q: Prepare the Bank Reconciliation Statement

A: Bank Reconciliation statement is prepared in order to reconcile the cash account balance as per the…

Q: When income is to be recognized on cash basis. by Safe Trust Bank, a distinction should be made…

A: In case of performing assets, the income should be recognised in accrual basis.  However, in case of…

Q: What are the possible financial objectives can be recommended to a bank?

A: Financial objectives of bank are basis of working of bank.

Q: describe the structure of a bank bill. In your explanation, clearly distinguish the roles of the…

A: Introduction: A bill of exchange is a written document that obligates one party to pay another a…

Q: Explain how will you analyze Financial Statements of a Bank.

A: Bank financial statement  Although banks' financial statements generally follow a similar format to…

Q: Explain the steps of bank reconciliation in Accounting.

A: A statement that is prepared to identify the reasons for the difference and to reconcile the…

Q: On a bank reconciliation. Deposit in transit is.....?

A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…

Q: Discuss the need for the bank reconciliation statement

A: Bank Reconcilation Statement: Bank reconcilation statement  reconciles an entity’s bank account with…

Q: Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method…

A: Bank reconciliation statement is a statement prepared  to reconcile or agree the bank balance as…

Q: What is the use of a bank reconciliation statement

A: BRS refers to bank reconciliation statement. It is a statement prepared by various organisations or…

Q: when a company establishes a credit line with a bank, it is the same as borrowing from the bank True…

A: Credit line is similar to taking a loan but in credit line loan is taken on a regular basis. There…

Q: Describe the components of the balance sheet of a central bank? Example?

A: Balance sheet depicts the financial position of the bank, company or business. Balance sheet of…

Q: ethods used by a bank to monitor bank advan

A: A loan from a bank to a third party with the understanding that the loan will be repaid. Almost all…

Q: Match the type of bank income (revenue) with the associated source. Revenue received from wealth…

A: Interest Income: It is the main source of Income for banks and financial institution, interest…

Q: Describe the purpose and steps of the bank reconciliation

A: The practise of comparing a corporation's records with its bank statements to verify that all…

Q: Identify the types of bank accounts normally maintained by a business and explain

A: Answer: Bank accounts are the accounts that are used to deposit cash of the bank so that it is used…

Q: what the effect to asset, liability and owner's equity if the company receives cash from a bank loan

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: What is a bank reconciliation statement and how does it work?

A: Bank reconciliation is also known as a passbook. A bank reconciliation statement is a book that…

Q: A company repays its bank borrowings.  The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: Who is responsible for preparing the bank reconciliation and what is the purpose of it

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

Q: What is bank reconciliation and how do l prepare a bank reconciliation statement

A: Answer is provided as follows:

Q: Elaborately explain about, Uses of Bank Funds – The Lending Function: The credit process. No…

A: Uses of Bank Funds: Bank funs the amount of money present with the bank that is deposited by the…

Q: What is the purpose of preparing a bank reconciliation?

A: Bank reconciliation is prepared to reconcile the company's cash book that is reconciled with its…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Answer: External user.

Q: Prepare a bank reconciliation statement of the given information above.

A: A bank reconciliation statement is the statement in which company matches its cash balance as per…

Q: Assign the letter to indicate whether the following items would be added to or subtracted from the…

A: Bank Reconciliation: Bank Reconciliation statement is the statement that reconciles bank account…

Q: All the following are assets for commericial banks exept: A) loans B)cash C)Deposits…

A: A commercial bank is a type of financial organisation that handles all activities linked to…

Q: In which transaction deposit directly in the business current bank account as capital contribution

A: The transactions of the company will be analyzed by the management, and it will be recorded in…

Q: Explain the purpose for preparing bank reconciliation statement.

A: Bank reconciliation statement: Bank statement is prepared by the bank. The company maintains its own…

Q: prepare a bank reconciliation.

A: Bank Reconciliation is process in accounting in which company compare or match their bank statements…

Q: What information does a bank need, and the information value?

A: A Bank is a financial body primarily dealing with accepting of money from people and advancing loans…

Q: deposit function, the bank is the _____ and the depositors are the ______ a. drawee - payees b.…

A: Banks do many function for customers and the one of the main function is the deposits made by the…

Q: Bank reconciliation using: a. Bank to book method; b.Book to bank method; and c.Adjusted balance…

A: 1. Bank reconciliation using: a. Bank to book method

Q: Select TWO true statements about money. a. Base money is equal to cash plus commercial bank reserves…

A: Money: Money as a means of transaction is playing a significant role in today's world economy. Money…

Q: Which items are reported as liabilities on a bank's balance sheet? bank's balance sheet?

A: Bank's balance sheet is the relationship between the assets, liabilities, and equity capital. The…

Q: The accounting treatment of Discount on bill discounted is: a. A current liability b. A current…

A: The earnings which are earned but not received are the accrued revenue for the business. The…

Q: Describe how a bank might use standards.

A: Standards are a set of the parameter for any process which is used to run the businesses. It is main…

Q: Choose the function and service of a bank in which Bank Purchases and sells securities, shares and…

A: A bank provides different functions to its customers along with core banking services and some…

Q: Explain why the money listed under assets on a bank balance sheet may not actually be in the bank?

A: Balance sheet of the bank used to operate under an assets, where the net worth of bank used to…

Q: Explain the relationship between a payor bank and its customers.

A: Introduction: Payor bank can be defined as a bank which is the drawee of a draft.

Q: What are credit memos and discuss the treatment in the preparation of bank reconciliation.

A: Bank reconciliation statement is a statement in which closing balances of bank & cash book(bank…

Q: The bank statement issued by bank to its clients can be used as a source document for the following…

A: Source document is the primary and reliable evidence of a business transaction.

Q: Entries for Bank Reconciliation

A: These are the accounting transactions that are having a monetary impact on the financial statement…

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.