The Reserve Bank of Australia's role in the processing of payment instructions is to: calculate the total balance of payment instructions deposited with a bank. verify that a payment instruction can be honoured by the writer. prevent non-bank financial institutions from allowing their customers to be provided with access to non-cash payment instruments. to record net differences in each financial institutions ES account.

The Reserve Bank of Australia's role in the processing of payment instructions is to: calculate the total balance of payment instructions deposited with a bank. verify that a payment instruction can be honoured by the writer. prevent non-bank financial institutions from allowing their customers to be provided with access to non-cash payment instruments. to record net differences in each financial institutions ES account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....

See similar textbooks

Similar questions

Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
Which is not true about the Banko Sentral ng Pilipinas and the Philippine banking industry? Banko Sentral ng Pilipinas is the primary government agency that facilitates the planning and implementation of fiscal policies Banks are engaged in lending of cash which were acquired from the public the form of deposits The members of the monetary board of the Banko Sentral ng Pilipinas is appointed by the president of the Philippines One of the powers that the Universal bank can exercise includes the power of an investment house
How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.
Which one of the following items requires an adjustment on the bank side of the bank reconciliation? A. interest earned B. a bank service charge C. a note collected by the bank D. deposits in transit
Which is not true about the Banko Sentral ng Pilipinas and the Philippine banking industry? a. Banks are engaged in lending of cash which were acquired from the public the form of deposits b. One of the powers that the Universal bank can exercise includes the power of an investment house c. The members of the monetary board of the Banko Sentral ng Pilipinas is appointed by the president of the Philippines d. Banko Sentral ng Pilipinas is the primary government agency that facilitates the planning and implementation of fiscal policies
Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation? a. Bank service charge b. Chargeback for NSF check c. Deposit in transit d. Bank interest
The following reconciling items are applicable to the bank reconciliation for the Spahn Company. Select whether each of the following items would be added to the book balance, deducted from the book balance, added to the bank balance, or deducted from the bank balance. a. Outstanding checks. Added to the Book BalanceAdded to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank Balance b. Bank credit memorandum for collecting a note for the depositor. Deducted from the Bank BalanceAdded to the Bank BalanceAdded to the Book BalanceDeducted from the Book Balance c. Bank debit memorandum for service charge. Added to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank BalanceAdded to the Book Balance d. Deposit in transit.…
Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections already forwarded to the bank for deposit but too late to appear in the bank statement c.matured time deposits transferred by bank to the current account d.notes receivable collected by the bank in favor of the depositor e.charges for penalty
How will a company’s bank reconciliation reflect an electronicdeposit of cash received by the bank from credit card agencies making payments onbehalf of customers purchasing products from the company’s online Web site, but notrecorded in the company’s records?
Which of the following is a bank account from which a company transfers funds from a master account only as needed to cover checks presented for payment. A- Zero-balance account B- Concentration account C- Compensation account D- Correspondent account
Which is true of FedGlobalSM ACH Payments offered by Federal Reserve Bank Services? A fixed-to-fixed transfer method allows converted check payments to be settled during the current processing day The fixed-to-variable option allows funds from accounts at a U.S. depository institution to be retrieved by any receiver at a participating bank location FedGlobal provides a framework for cross-border debit payments between 35 countries An account-to-account transfer is used to distribute ACH credit payments between deposit accounts
The quantity of deposit and nondeposit funds in a bank depends on all of the following EXCEPT:a. the Fed's monetary policy actionsb. the bank's financial strengthc. economic conditionsd. none of the above Choose one correct answer please.