The entry to establish the Change Fund includes which of the following?

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: The entry to establish a petty cash fund includes: O A. O B. A debit to Cash and a credit to Cash…

A: Petty cash is termed as the small cash amount which is kept on the premises of the company in order…

Q: Entries are made to the petty cash account when Select one: A. establishing the fund B. recording…

A: Petty Cash is cash fund in the company to pay a small sum of money. It is needed in a company…

Q: The purpose of a petty cash fund is toa. Provide a convenient form of payment for the company’s…

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Calculator Entries are made to the petty cash account when Oa. replenishing the petty cash fund Ob.…

A: Petty cash account is opened to meet daily routine expenses which are very small.

Q: A minimum cash balance required by a bank is called a.a compensating balance b.an EFT c.cash in…

A: Minimum cash balance : Customers of bank need to maintain minimum balance on their accounts. Minimum…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: Describe the features of voucher system in handling cash disbursements. What is voucher register?…

A:

Q: list entry worksheet entry to recognize expenditures from the petty cash fund. bits before credits.…

A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…

Q: pare Journal Entry to establish Petty Cash Fund

A: Meaning of Petty Cash book: It is the subsidiary book of main cash book where all the small day to…

Q: The petty cash fund account under the imprest fund system is debited A. only when the fund is…

A: 1. Petty Cash - Petty Cash account is amount maintained by the organization to handle petty (small)…

Q: A bank reconciliation explains the differences between ____________. A. cash receipts and cash…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the difference between…

Q: Which of the following statements in relation to accounting for petty cash fund is false? Group of…

A: The petty cash fund maintains the cash balance for transactions such as stationery, or other minor…

Q: (Based on Appendix 7A) How is a petty cash fund established? How is the fund replenished?

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry,…

A: Step 1 Journal is the part of the book keeping.

Q: which one of the following statements doesn't describe the electronic fund transfer: Select one: a.…

A: Electronic Fund transfer - It is a method of sending money in which money can be sent from one…

Q: The entry to establish a petty cash fund includes: Multiple Choice A debit to Cash and a credit to…

A: Entry to Establish Petty cash is   PARTICULAR DEBIT CREDIT       PETTY CASH             TO…

Q: Define cash disbursements journal.

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Which of the following items should be included in the Cash? O A. O B. Postdated checks and I.O.U.'s…

A: Cash and Cash equivalents are coins ,notes bill, cash at bank and any marketable security that can…

Q: Which of the following best describes a voucher? A supporting document prepared for each cash…

A: A voucher checks are commonly used by a company's payroll department and are referred to as payroll…

Q: A petty cash fund is

A: Introduction: The petty cash book is a detailed record of tiny monetary transactions. Rather of…

Q: 19 ______________ has the authority to make payments from the fund that conform to prescribed…

A: The petty cash fund is maintained to keep the cash balance for day to day cash transactions.

Q: What is the adjusted balance of the petty cash fund? What is the correct amount of cash and cash…

A: Petty cash fund is maintained for small petty expenses in the business. Cash and cash equivalent are…

Q: Which of the following should be considered cash equivalents? Post-dated checks Money market with…

A: Cash and cash equivalent means the amount of cash , bank or highly liquid marketable securities…

Q: Define restricted cash and indicate how it should bereported on the balance sheet

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

Q: Identify each of the following statements as either true or false. A voucher system of control is a…

A:

Q: a) Prepare the journal entries to establish the petty cash fund on March 5. b) Prepare the journal…

A: (a) Journal entries to establish the petty cash fund on March 5. March 5 Petty Cash $250.00…

Q: The document that explains all the differences between the company’s cash records and the bank’s…

A: Explanation for the correct answer:Bank reconciliation statement is a report that summarizes the…

Q: Prepare Cash Disbursement for  purchases

A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…

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: Which item is not considered cash and cash equivalents on the balance sheet? a. Unrestricted funds…

A: Cash equivalents are the near-cash items, which are readily convertible into cash. Cash equivalents…

Q: Which of the following is an electronic funds transfer system (EFTS) service?   Group of answer…

A: EFTS refers to a transfer system wherein money transfers from one bank account to other without…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: Indicate how each of the items below should be reported using the following classifications: (a)…

A: Cash and Cash equivalent In the classified balance sheet the account details of cash and cash…

Q: Which of the following does not belong to the group?   Petty cash fund Accounts Receivable…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

Q: Indicate with Yes or No whether each of items should be included in the cash balance presented on…

A: 1. NFS check means check returned for Insufficient Funds. After returned form bank it no longer…

Q: What Petty Cash involves, choose the best answer: Select one: O a. Borrow the fund, making payment…

A: Petty cash, also known as the petty cash reserve, is a small sum of cash on hand that is used to pay…

Q: cash control?

A: Correct Answer is B

Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B.…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: Cash received electronically through an electronic funds transfers (EFT)

A: Internal control represents the reasonable assurance that the employees of the company have not been…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.