Answered: Volatile liabilities in the Bank’s…

Volatile liabilities in the Bank’s performance report include all of the following EXCEPT: a. checking accounts b. large CDs c. purchased deposits d. deposit sources of funds

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

Related questions

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?…

A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank…

Q: In a commercial bank, interest rate set for customers are the bank's assets. loans disbursed to…

A: Assets are owned by the bank whereas liabilities are to be paid by the bank. The detailed…

Q: Which one of the following statements is true if a company's collection period for accounts…

A: Collection period of accounts receivable means the time gap between selling of goods on credit and…

Q: When preparing bank reconciliation, deposits in transit will: A. Increase the balance per…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: In preparing a bank reconciliation statement, which of the following items will not be included the…

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

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 liabilities mean for the balance sheet of any bank? Explain briefly.

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

Q: Which of the Deposits in the bank provides facility for bank overdraft? Select one: O a. Current…

A: Banking system is a system in which bank organizations seeks deposit from public to lend them…

Q: Which of the following statements is correct?

A: Answer: Checks are those document that are issued to give or receive any amount. a.Outstanding…

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

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

Q: According to IAS 32 Financial Instruments: Presentation, which of the following could be classified…

A: Assets: Assets are resources (property) presented in the balance sheet because for it an…

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

A: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the…

Q: The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of…

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

Q: Liabilities of saving institutions include: checkable deposits, NOW accounts, and regular savings…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Which of the following are reported as liabilities on a bank’s balance sheet? Group of answer…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: 1- The purpose of deregulation is to ensure stability and prevent banking crises. True or False. 2-…

A: 1) True Deregulation support the idea that competition and openness in financial markets are…

Q: Accompanying the bank statement was a debit memo for bank service charges. On the bank…

A: Bank service charge: Bank service charge is charges levied by the bank for the services provided or…

Q: a bank that meets a deposit withdrawal by selling t-bills will alter: neither the asset nor…

A: Selling T-bills will alter asset side and meeting a deposit withdrawal will alter liability side.

Q: Which of the following statements is TRUE? a. Companies include postdated checks and petty cash…

A: A . Companies include postdated checks and petty cash funds as cash. Answer : False Reaso: Petty…

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: Which are liabilities to a bank? Select one: O a. Vault cash and demand deposits O b. Demand and…

A: Liability is something a company owes to someone else. It is usually a monetary value.

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

A: Bank reconciliation is the statement which is used to reconcile the bank balance as per cash book…

Q: Bank statements provide information about all of the following, except Checks cleared during the…

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…

Q: List two items often encountered in reconciling a bank state-ment that may cause cash per the bank…

A: Firm records every transaction in its cash book. Bank also open ledger account for that firm. The…

Q: Bank overdrafts that are repayable on demand

A: Bank overdraft account is a current liability repayable within one year.

Q: All of the following statements are correct EXCEPT... O Core deposits typically pay lower interest…

A: Volatile deposits are the short term deposits of banks and are for less than one year.

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: On receiving the bank cutoff statement, the auditor should trace: a. Deposits in transit on the…

A: Explanation On receiving a client's bank cutoff statement, an auditor most likely would trace (b)…

Q: Which of the following items must be deducted to the balance per ledger in preparing a bank…

A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…

Q: Which of the following must be deducted from the bank statement balance in preparing a bank…

A: Bank reconciliation is important for better Internal control because it provides the clear picture…

Q: Which of the following accounts will not be used in case a security is discounted or collected to…

A: The bank will provide a facility for short-term loans by taking the accounts or notes receivables of…

Q: 1 Using the sources and uses approach indicate calculate and show in which months the bank is likely…

A: Loans and Deposits

Q: ratios recommended to manage liquidity risk for a

A: Step 1 The risk of insolvency can be reduced by monitoring and evaluating the financial system,…

Q: From page 4-4 of the VLN, in a bank reconciliation how is a NSF check treated? A. Add to the company…

A: Bank Reconciliation: It is a statement where the balance as per the cash book gets reconciled with…

Q: The following items may appear on a bank statement: Bank correction of an error from recording a…

A: Bank Reconciliation Statement is an account prepared to match the balances as per cash book of the…

Q: Bank overdrafts are generally reported as: Question 9 options: a non-current asset. a…

A: 9. Bank overdraft is the liability for the business which is payable within 12 months. Hence the…

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

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

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

A: Outstanding deposits is an item that has been recorded in the company’s cash book but has not br…

Q: In a bank reconciliation, an outstanding check isa. deducted from the book balance.b. deducted from…

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

Q: Which of the following is a bank account from which a company transfers funds from a master account…

A: The banks require funds for the settlements of the accounts, cheques clearance, and other payments.…

Q: Bank reconciliations are typically prepared for... A. Savings Accounts B. Current Accounts C. Time…

A: 1. Option B. Current Accounts Business organizations are mainly using current accounts for bank…

Q: Which among the following is not a liquid asset Bills receivable Stock Cash deposited in a bank…

A: The assets can be classified as fixed assets, current assets, and liquid assets.

Q: Which of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks.…

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

Q: An auditor decided to render sales cut-off as part of auditing an audit client’s accounts…

A: As per our protocol we are supposed to answer to one question under a single question as you have…

Q: In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per…

A: A bank reconciliation statement is prepared to reconcile the balance as per bank books and as per…

Q: Identify transaction NOT belonging to Cash Equivalents O a. Bank Balance O b. Bank Overdraft O c.…

A: Cash equivalents are the items that are equivalent to cash means either thise are cash ready or…

Q: in terms of bank balance sheets which of the following is correct?

A: Bank balance sheet shows all sources and uses of bank funds. It's assets represents the uses of…

Concept explainers

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.

Question

Volatile liabilities in the Bank’s performance report include all of the following EXCEPT:
a. checking accounts
b. large CDs
c. purchased deposits
d. deposit sources of funds

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
Which of the following is NOT a criterion for evaluating bank liquidity used by regulators?a. availability of assets readily converted into cashb. the diversity of the bank's money market assetsc. the bank's formal and informal commitments for future lending or investmentsd. structure and volatility of deposits All of the following are common ratio measures of bank liquidity EXCEPT:a. loans/depositsb. loans/nondeposit liabilitiesc. unencumbered liquid assets/nondeposit liabilitiesd fixed assets/loans 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
Bank overdrafts that are repayable on demand and the bank balance often fluctuates from positive to overdrawn shall be classified as Operating activities Investing activities Financing activities Component of cash and cash equivalents
According to IAS 32 Financial Instruments: Presentation, which of the following could be classified as financial assets? Bank overdraft Cash at bank Inventories A current asset investment A forward contract
Which of the following are reported as liabilities on a bank’s balance sheet? Group of answer choices Checkable Deposits. Cash items in the process of collection. Excess Reserves. at least two of these answers. None of these answers.
If the deposits/loans ratio is relatively high for a bank, this implies an emphasis on:a. securities to finance loansb. deposit sources of funds to finance loansc. decreasing the quantity of loans outstandingd. high deposit to equity Volatile liabilities in the Bank’s performance report include all of the following EXCEPT:a. checking accountsb. large CDsc. purchased depositsd. deposit sources of funds
Choose from the following list of terms and phrases to best complete the following statements. a. Cash c. Outstanding check e. Cash over and short b. Cash equivalents d. Liquidity f. Voucher system 1. The category includes currency, coins, and deposits in bank accounts. 2. The term refers to a company’s ability to pay for its current liabilities. 3. The category includes short-term, highly liquid investment assets that are readily convertible to a known cash amount and sufficiently close to their due dates so that their market value will not greatly change.
Which of the following is NOT a criterion for evaluating bank liquidity used by regulators?a. availability of assets readily converted into cashb. the diversity of the bank's money market assetsc. the bank's formal and informal commitments for future lending or investmentsd. structure and volatility of deposits Choose one correct answer please.
Bank overdrafts are generally reported as: Question 9 options: a non-current asset. a current liability. a contra-asset account. a current asset. Which of the following is not a common reconciling item in the preparation of a company's bank reconciliation? Question 8 options: deposits in transit bank charges outstanding cheques accounts payable
1. Rank the following types of bank liabilities, first according to their level of liquidity risk, and then according to their interest rate risk. Then rank them according to their current cost to the bank. Explain why the rankings vary. DDAs Interest-checking accounts MMDAs Small-time deposits Jumbo CDs Federal funds purchased Eurodollar liabilities Federal Home Loan Bank advances
Which of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance? a. Reduction of the loan charged to the account of depositor b. Outstanding checks c. Deposit in transit d. Certified checks
Financial institutions can secure liquidity through the following sources except: a. Liquidity assets. b. Use of excess cash from daily business operations/reserves. c. Use of cash from daily business operations. d. Inter-bank loans.