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

Q: The following are the reasons for dissimilarity between balances in the bank statement and the cash…

A: Dissimilarity between bank statement and cash book occurs due to various factors like Dishonored…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: On a ban reconcialiation, customer's checks that are returned for lack of funds would be a.…

A: PLEASE LIKE THE ANSWER CORRECT ANSWER IS "a" i.e.,  deducted from the balance per company records

Q: Match each term associated with a bank reconciliation with its description. Terms Descriptions…

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

Q: If the balance shown in the bank statement is less than the correct cash balance and neither the…

A: A bank reconciliation statement (BRS) refers to a statement drawn up by the business to verify the…

Q: Requiring an employee who does not handle accounting records to open the mail is an example of…

A: Accounting is the process of recording, classifying and summarising accounting information. After…

Q: ifferences between the amount of cash reported on a company’s bank statement and the balance in the…

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

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: The journal entries for a bank reconciliation . are taken from the "balance per bank" section only.…

A: A bank reconciliation is a statement that is prepared to match the bank balance as per the books of…

Q: Which of the following is issued by a company to the responsible staff in order to establish a petty…

A: The petty cash fund is established for daily basis small cash expenses of the business.

Q: A bank reconciliation statement is a statements that is Drawn up by the business to verify the cash…

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

Q: Which statement is NOT correct for an expenditure system with proper internal controls?a. Cash…

A: Internal control: Internal control is a process which ensures continuous reliability of…

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: Another way to describe account reconciliation is bank reconciliation—the process of bringing the…

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

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: If the balance shown on a company’s bank statement is less than the correct cash balance and neither…

A: Bank reconciliation statement is a statement used to match the balance of money reported on the…

Q: The Reserve Bank of Australia's role in the processing of payment instructions is to: calculate the…

A: Amongst the options provided, the activities described in the first two options are performed by…

Q: Which of the following generally would not be considered good internal control of cash receipts? a.…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: The Undeposited Funds account contains: A) Only partial payments received from customers B) Funds…

A: The undeposited funds account means ro show the amount of the other current assets in assets side of…

Q: Which of the following decreases a company’s cash balance? deposits in transit bank deposit slips…

A: Bank reconciliation is a process of matching the balance of cash as per the cash book of an…

Q: a.explain with figures why your company's cash book balance will not agree with the bank statement…

A: Cash book is the book that will be prepared and maintained by the management of the company. All the…

Q: Technically, a bank can require depositors to give prior notice before they withdraw funds from time…

A: Time deposits are deposits in the a bank which has fixed time of maturity. For this deposits,…

Q: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

A: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

Q: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a…

A: Statement of financial position is the one on which the company's assets and liabilities are…

Q: A cash receipt that the business has added to its cash account,but that the bank has not added to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book 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: When an entity's bank account in the general ledger has a credit balance, this means that the entity…

A: Normally all assets of the business have debit balance and all liabiliites have credit balance.…

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

A: By summarizing banking and commercial activity, a bank reconciliation statement reconciles an…

Q: The following items may appear on a bank statement: 1. Bank correction of an error from posting…

A:

Q: Outstanding checks are checks the company has written and recorded but the bank has not received.…

A: Outstanding checks are the checks that have been issued by the company but they have not yet been…

Q: Would a bank service charge be added to or subtracted from the company's books or the bank statement…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: .ch of the following statements is true? A. Window dressing is a practice of closing the books of…

A: Window dressing: It means to improve the appearance of a company's financial statements before it is…

Q: why is petty cash fund deducted in the book balance of the entity when making bank reconciliation?

A: A petty cash fund is a fund where some money is kept separately to pay for minor expenses such as…

Q: In the reconciliation of a bank statement, "deposits in transit" should be: a. added to the…

A: Deposits in transit are the amount of cash that has been deposited by the business but has not been…

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

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

Q: Which one of the following statements is true? a.Good cash management practices dictate that a…

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: Which of the following statements is correcT? Multple Cholce An endorsement is a written…

A: Endorsement means transfer of check to another person . The person who is transfer the check will…

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: If the cash balance shown on the entity is accounting records is less than the correct each balance…

A: Answer

Q: Which of the following will NOT require an adjusting entry when reconciling the bank statement? O…

A: Bank reconciliation is a statement prepared to match bank account balance as per cash book and bank…

Q: What item on the bank statement that may differ from the company's financial records.      NSF…

A: The bank  reconciliation statement is prepared to match the balance of Cash in bank statement and…

Q: In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a…

A: Bank Reconciliation Statement - Business firms record the transaction which help them to maintain…

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: The bank statement issued by bank to its clients can be used as a source document for the following…

A: Source document is the primary and reliable evidence of a business transaction.

Q: Items on Company's Bank Statement The following items may appear on a bank statement: 1.  Bank…

A: Bank statement credit memo: Bank statement credit memo is an item enclosed on the bank statement…

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.