Question:1  Briefly explain the following: a) Importance of Bank Reconciliation statement and what are the root causes to prepare this statement. b) Gross Method and Net method of computing sales discount.

Q: Which of the following items is added to the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: A) Prepare a bank reconciliation for Finac Company using the above information B) Journalize any…

A: The financial statement being prepared by the management or accountant after receiving the bank…

Q: All of the following are common ratio measures of bank liquidity EXCEPT: a. loans/deposits b.…

A: The liquidity ratio refers to the short-term financial ratio that determines the ability to meet the…

Q: What does the Accounts Receivable Turnover measure? Group of answer choices a)The net realizable…

A: The accounts receivable turnover ratio is one metric to watch closely as it measures how effectively…

Q: profit margin ratios of bank proftability? please use in-text referencing

A: Gross profit margin may be a live of profit that shows the proportion of revenue that exceeds the…

Q: Incorporate the following data into Bank X's revenue statement. Each item should be labelled and…

A: Financial Statement: financial statement is an organized information about the financial position…

Q: What is importance of Bank Reconciliation in business Perspective.

A: Bank reconciliation is the reconciliation between cash book balance in cash book and bank balance as…

Q: Required: Prepare a bank reconciliation for Gates Company

A: Bank Reconciliation Statement refers to a statement that reconciles the bank balance as per company…

Q: The following reconciling items are applicable to the bank reconciliation for the Spahn Company.…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: 18. If a company employs the net method of recording accounts receivable from customers, then sales…

A: Journal entry of sales under net method Debit: Cash / Accounts receivable   (Amount after deducting…

Q: The accounting treatment of a transfer fees by a bank is: a. An interest income b. An interest…

A: Introduction: Interest: Interest is the amount charged on the principle amount. Interest is…

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: How does a bank reconcile between liquidity and profitability.

A: Meaning of liquidity and profitability   Liquidity- is the ability of the bank to meet its…

Q: Discuss the need for the bank reconciliation statement

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

Q: From page 4-4 of the VLN, in a bank reconciliation how are outstanding deposits treated? A. Add to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook 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: Which of the following is an advantage of using the net price method for recording cash discounts on…

A: At the time of recording credit sales, there can be some provision for discount to be given. So,…

Q: What is the bank reconciliation statement

A: The cash book is prepared to keep the record of cash balance.

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: Which of the following items is subtracted from the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: Explain the purpose of performing bank reconciliation. b. State possible reasons why there is an out…

A: Bank reconciliation statement: It is the process performed by the firm to ensure the balance between…

Q: In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance…

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

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

A: Introduction: An invoice of barter is a criminal assumption that binds one party to pay another a…

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: . Describe three reasons that a Bank Reconciliation Statement should be done

A: Bank Reconciliation Statement: Bank reconciliation statements describe banking and business…

Q: After preparing a bank reconciliation, the service fee charged by the bank would be recorded with a:…

A: Service fees expense is charged each month for management of bank account.

Q: A. What is a bank reconciliation and why is it important for companies to do it periodically?

A: Balance per bank Add : Undeposited collections Total Deduct : Outstanding checks Check No. x…

Q: Prepare the Bank Reconciliation Statement using Adjusted Balance Method

A: Adjsuted bank book of the company Particulars Amount Balance as per Company’s books 967…

Q: Match each of the activities listed below with a purpose of the activity listed below.

A: An organisation whose motive is to procure income  through selling goods & services to the…

Q: what are the determinants of bank profitability ratios? please use in-text referencing

A: Bank Profitability Bank Profitability: Like all businesses, banks profit by earning extra money…

Q: ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted…

A: Bank Reconciliation Statement(BRS) So for preparing BRS Statement we must; 1) Compare the Balances…

Q: What is the adjusting entry of Bank Reconciliation : Credit Memo- Proceed Bank Loan

A: Credit memo - proceed bank loan : A bank's credit memo is defined as the item where the bank account…

Q: Which of the following will most likely provide the most assurance concerning theaccuracy…

A: Accuracy is one of the balance sheet related audit objective which assures that all the amounts…

Q: Using the following information and prepare a bank reconciliation.

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…

Q: method of preparing bank reconciliation wherein the bank balance is adjusted to agree with the book…

A: A bank reconciliation statement is prepared by management at a certain time period. It is used to…

Q: What are the three approaches in preparing bank statement

A: Answer: As per Q/A guidelines, only first question is to be answered. Please repost Q 2 to be…

Q: ____1. This is the criterion to determine whether the transfer is accounted for as borrowing.…

A: SOLUTION- 1   "Agreement to Repurchase or redeem transferred assets,"   > This agreement consists…

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: In a two-step bank reconciliation, identify the items that might be necessary to adjust the bank…

A: Bank reconciliation: Bank reconciliation is prepared by an accountant. In order to check the…

Q: multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank…

A: Bank reconciliation statement is prepared to reconcile the balance of books with the balance as per…

Q: Can you explain the revenue cycle and expenditure cycle of banks using narrative description.

A: Revenues and expenditure accounts are created by the non-transient entity to determine the cost of…

Q: In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: Explain  the  need  and  importance of the  bank  reconciliation .

A: Bank reconciliation statement (BRS) is a summary statement indicating the reconciliation entries of…

Q: Prepare a bank reconciliation statement

A: Bank Reconciliation statement is prepared when there is difference between cash balance as per…

Q: difference between a debit order and a stop order

A: Bank reconciliation statement is a statement prepared to reconcile the difference between the 'Bank…

Q: basic concepts of bank reconciliation.

A: Bank Reconciliation: In the banking scenario, the account and mirror account having the opposite…

Q: Entries for Bank Reconciliation

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

Q: What does an increasing collection period for accounts receivable suggest about a firm's credit…

A: The credit policy of a firm means the policies and conditions attached to lending goods and services…

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.