Which cash reconciling item could potentially affect either the bank statement or the general ledger?   Multiple Choice   Outstanding deposit   Recording error   Interest earned on notes held by the bank   NSF checks

Q: Identify where each of the following transactions would be found on the bank reconciliation.…

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

Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…

A: Amounts that are omitted in the bank statement but appear in the books requires to be adjusted in…

Q: Which of the following adjusts the bank's balance of cash in a bank reconciliation?  (More than one…

A: >Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

Q: Which audit claims will be met by the audit method of cash count and bank verification requests

A: introduction: If the management's financial statements have any inaccuracies or frauds, the only…

Q: Which of the following would be added to the balance per books on a bank reconciliation?   Question…

A: In  Cash Book we maintain Cash and Bank columns.  The Bank columns incudes bank…

Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Identify each of the following reconciling items as part of the cash reconciling process as: (A)…

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

Q: From page 4-4 of the VLN, in a bank reconciliation how is a NSF check treated? Group of answer…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Which of the following does not show good cash management regarding the controls over cash…

A:

Q: Debate the logic used in the following statement: “The person responsible for handling cash receipts…

A: It may be true that the person responsible for handling cash receipts is more familiar with the…

Q: Which one of the following statements is true? a.The person handling the cash should also prepare…

A: Bank Reconciliation shows cash balance in the books should always reconcile with bank balance in the…

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

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

Q: Would charges for some other company's safe deposit box that were posted to your account be added to…

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

Q: Which of the following items on a bank reconciliation would require an adjusting journal entry on…

A: An error by the bank: Adjusted in the bank statement. Outstanding cheques: Adjusted in the bank…

Q: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.

A: Answer: Cash is the asset that is being hold by the company.  Checks are the document that are…

Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False

A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…

Q: Discuss how Unpresented Cheque and Uncredited Cheque contributes to the disagreement between cash…

A: A bank reconciliation statement is prepared by the company to match the balance as per the bank…

Q: In preparing a monthly bank reconciliation, which of the following would be added to the balance per…

A: While preparing bank reconciliation statement with balance as per bank statement to arrive at the…

Q: In the bank reconciliation the collection of Note Receivable is Select one: a. Deducted from Cash…

A: Accounting is the process of recording financial transactions that are material to the business. It…

Q: In order to verify the accuracy of the accounting records concerning its cash accounts a person…

A: Reconciliation statement is the statement which is used by the company in order to know and check…

Q: For each of the items indicate whether its amount affects the bank or book side of a bank…

A: A bank reconciliation statement aligns an organization's bank account with its financial documents…

Q: When preparing bank reconciliation, bank credits are O added to the bank statement balance O…

A: The Bank reconciliation statement explains the differences in balance as per books with the balance…

Q: bank balance in the cash book and that of the bank statement

A: Bank balance in cash book means amount of balance of bank ledger in the books of the entity/person…

Q: Which of the following items appearing on a bank reconciliation require a journal entry to bring the…

A: Bank reconciliation statement is a statement which is prepared to reconcile cash balance as per cash…

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: What is “Deposit in transit” in bank reconciliation?   Select one: A. Subtracted From the Cash…

A:

Q: Which bank control protects against forgery? Which bank control reports what the bank did with the…

A: The answer is as fallows

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: Cash control systems are the methods and procedures used to ensure --   a. That current obligations…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: na bank reconciliation, an outstanding check is O A. deducted from the book balance. O B. deducted…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The difference between book cash and bank cash, representing the net effect of checks in the process…

A: Average Daily Receipts are calculated by dividing the total receipts generated in a period by the…

Q: 1.How would customer's NSF checks be dealt with in a bank reconciliation? a. added to company’s book…

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

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 does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

Q: A bank statement provided by the bank includes: Multiple Choice A list of outstanding checks. A list…

A: A bank statement  is consists of cash deposits and withdrawal  in a printed form

Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…

A: The balance per bank and books can differ due to various reasons. Omission of a record in books or…

Q: two (2) adjustments required to reconcile the Cash Book with the Bank Statemen

A: The bank reconciliation statement shows the reconciliation of the bank statement to the cash account…

Q: Which of the following are characteristics of an effective control of cash disbursements? I.…

A: Cash disbursements: Cash disbursements refers to the cash outflow from the company. The payment can…

Q: During a bank reconciliation process, Oa. outstanding checks and deposits in transit are subtracted…

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

Q: The accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory  in the internal control over by the cash payments which are taken care by…

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: Which of the following adjusts the company’s balance of cash in a bank reconciliation? a. Interest…

A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…

Q: The bank statement showed a non-interest bearing note receivable from a customer that was collected…

A: Bank reconciliation is the statement that shows the differences in the cash balances as per pass…

Q: When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are…

A: Bank Reconciliation statement is prepared to match the cash balances of cash book and pass book.

Q: Accompanying the bank statement was a debit memorandum for an NSF check received from a customer.…

A: Bank reconciliation :          Often, it is seen that cash balance as per books of accounts does not…

Q: Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…