In corporate liquidation of a closed bank, which of the following unsecured credits is classified as without priority? Claims of local government for local taxes Claims of bank depositors Claims for violation of Anti-Money Laundering Law Claims of bank employees

Q: Which of the following is NOT a criterion for evaluating bank liquidity used by regulators? a.…

A: Bank liquidity refers to measures of cash and other assets equivalent to cash which is available…

Q: What is the basic obligation of a depository bank to its depositor?

A: Depository banks are the banks which act as an agent of the investors and provide various service…

Q: bank reconciliation should be prepared periodically because Select one: A. the bank has not…

A: There are two type of balances for cash in the business. One is cash balance as per cash book and…

Q: Business damages, as a result of financial fraud, directly impact the operations of any company.…

A: Fraud is an intentional act which is committed in order to defraud a group of people for the purpose…

Q: Explain

A: The "Anti-Money Laundering Council" (AMLC) is the government entity entrusted with implementing the…

Q: Which of the following combinations is a good way to conceal employee fraud but an ineffective means…

A: The management fraud alludes to an intentional misleading by the executives to collect monetary…

Q: You are asked to be interviewed by a student newspaper regarding the nature of accounting fraud. The…

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Q: ABC Company filed a bankruptcy this month because of the impact of fraudulent act committed by its…

A: Bankruptcy is considered a situation where a person or business is unable to pay its debts. Through…

Q: In corporate liquidation of a closed bank, which of the following unsecured credits is classified as…

A: Liquidation refers to the winding up of business entity by realizing all the assets and pay off the…

Q: Business damages, as a result of financial fraud, directly impact the operations of any company.…

A: Fraud includes activities such as theft, corruption, conspiracy, bribery etc. Fraud can occur in any…

Q: 1. A local bank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Discuss using figures how Bank Overdraft will affect the preparation of Bank Reconciliation…

A: Bank reconciliation statement is a kind of statement prepared in order to reconcile the balances…

Q: Identify which one of the following is a meaning of the term Bankrupt: a. A person or company is…

A: Bankruptcy involves legal proceedings of a business when the business is unable to service its debt.

Q: You are asked to be interviewed by a student newspaper regarding the nature of accounting fraud. the…

A: Fraudulent financial reporting: Fraudulent financial reporting refers to manipulations of income…

Q: Why would a financial institution’s PEP customers be required to provide documentation to evidence…

A: Given, Political Exposed Persons (PEPs) are characterized as high-risk clients who have better…

Q: Cite any example of an accounting fraud.What actions were taken by the authorities after that?

A: Accounting fraud: It is basically manipulating the financial statements intentionally in order to…

Q: One of the typical characteristics of management fraud isa. Falsification of documents in order to…

A: Management Fraud:   Management fraud is a kind of fraud that is committed intentionally by the…

Q: properly defaults and is under liquidation, can the creditors of the bank touch and receive the…

A: Answer: Concept: When the liquidation occurs in bank, there is preferential payment that are to be…

Q: If a bank is in a 'state of continuing inability or unwillingness to maintain a condition of…

A: Liquidity is the risk to a bank's earnings and capital arising from its inability to timely meet…

Q: When an entity uses a trust company as custodian of its marketable securities, the possibility of…

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Q: the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non…

A: There will be systematic, broad based and far reaching implications in case there is no Money…

Q: Securities fraud’s lack of mooring in a fully developed concept of fraud produces at least three…

A: Securities Fraud is a fraud which is considered as serious while collar crime where investors are…

Q: On the basis of your knowledge in finance and banking, describe briefly the main reason for the…

A: dud cheques mean it has no value or worthless cheques that means there is no sufficient cash…

Q: Are there any regulations or procedures in place for source documentation and receipts for payments…

A: There are no separate regulations or procedures for source documentation of NPO's. however Not for…

Q: Identify which one of the following statement is not correct? a. The credit limit under the facility…

A: A cash credit is a line of credit lent against the asset and liabilities, credit worthiness etc. The…

Q: Effective cash management and control includes all of the following except: a.purchase of shares…

A: Effective cash management includes maintaining adequate levels of cash to meet the entity's capital…

Q: Would a bank service charge be added to or subtracted from the company's books or the bank statement…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: Which of the following statements is false? a. Legally restricted bank deposits held as compensating…

A: Cash and Cash Equivalents Here is related to the Cash and its Equivalents which are relation with…

Q: Distinguish between illiquidity and insolvency as it affects a bank and discuss the reasons why…

A: Here are the two terms meanings, Illiquidity is considered as the short term problem of banks where…

Q: Assume that you are interviewed by a student newspaper regarding the nature of accounting fraud. The…

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Q: 1. A bank reconciliation is    a. A formal financial statement that lists all of the bank account…

A: Bank reconciliation is a reconciliation statement prepared to reconcile the bank balances with…

Q: Which of the following is not a generally recognized internal control activity? Oa. limiting access…

A: Internal controls -  internal controls are the policies and procedures laid down by the management…

Q: What are the most common approaches that perpetrators use to commit fraudulent financial reporting?…

A: A fraud in an audit is an activity performed with the intent of deceiving the users of the financial…

Q: Which of following arguments would lead to the demise of the second Bank of the United States? The…

A: The second bank of the United States was a private bank that was formed to perform most of the…

Q: As part of the safeguards against imprudent banking, the General Banking Law imposes limits or…

A: As part of the safeguards against imprudent banking, the General Banking Law imposes limits or…

Q: The government provides deposit insurance which protects   Multiple Choice   the deposits that…

A: Deposit insurance is just like  insurance policy, which cover against losses accruing to bank…

Q: What documentation should an auditor inspect when a client has paid off a bank note? How could an…

A: Definition: Bank statement: This is a periodic or monthly statement issued by the bank reporting the…

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: You are asked to be interviewed by a student newspaper regarding the nature of accounting fraud. The…

A: It has generally been seen that the misappropriation of assets is done by workers of the…

Q: What is the function of Deposit Insurance Corporation?   Select one: It does not give guarantee…

A: Deposit insurance corporation is for safety of deposits and for the safety of banks and financial…

Q: While assistant treasurer of Travco Corporation, Frank Mitchell caused two checks, each payable to a…

A:

Q: What are the benefits of government setting and managing bank fees and rates to depositors?

A: Government used to deal with the citizens as well as deliver the public as well as social services,…

Q: To minimize systemic risk in the banking system, which prudential measure has been put in place in…

A: A breach of this fiduciary responsibility might result in the misbehaving bank being held…

Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

A: Option (a) It recommends creating an organizational environment that helps the integrity of 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.