Which of the following is not considered cash for financial reporting purposes? a. Petty cash and exchange fund b. Money orders, certified checks and personal checks c. Available currencies, dollars and funds d. Future-dated checks

Q: Outstanding checks: Group of answer choices Have not been received by the bank for processing Are…

A: Outstanding checks are those that the business has written to a supplier but these have not been…

Q: Which of the following items is added to the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

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: 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: When preparing a bank reconciliation, a not sufficient funds (NSF) check is

A: Not sufficient funds (NSF) check is the check issued by the issuer but which is not honured or…

Q: 0.Which of the following items would normally be EXCLUDED from the amount to be reported as cash on…

A: Solution: Following items would normally be EXCLUDED from the amount to be reported as cash on a…

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: Which one of the following is not considered as cash? a. Credit card. b. Debit Card c. Bank…

A: Debit card is used to make online payment.

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: S1: Bank reconciliation is important because it is an opportunity to check for fraudulent activity…

A: Solution: Given 4 statement are related to cash and bank reconciliations. Correctness of these…

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: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

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

A: Solution: Following are the characteristics of an effective control of cash disbursements: I.…

Q: Which of the following would NOT be classified as cash? a. Company's post-dated checks b.…

A: Solution: "Company's post-dated checks" would NOT be classified as cash.

Q: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

Q: 7. Which of the following should not be considered cash for financial reporting purposes?    a.…

A: Cash balance for financial reporting purpose means those instruments or assets, which are either in…

Q: 7. Which statement is true?    a. Bank service charge will cause the cash balance per ledger to be…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered as per guidelines. If…

Q: Which of the following items is subtracted from the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

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: Cash on the Balance Sheet does not include: Multiple Choice Cash in the bank, Petty cash. Short-term…

A: Cash is an asset that is reported as a current asset on balance sheet. Cash account refers to those…

Q: On receipt of bank statements, a company has identified that bank has collected interest OMR 100,…

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

Q: . Which of the following is usually considered cash?    a. Certificates of deposit b. Checking…

A: Cash means cash on hand and demand deposits.

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: Which of the following would NOT be classified as cash?   a. Company's post-dated checks b.…

A: Cash is the current asset which is in the form of money or it is something equivalent to money. It…

Q: A bank deducted OMR 50 from the customer’s account as a bank charge and customer noticed this only…

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

Q: Which of the following statement is prepared to identify the discrepancies between the cash balance…

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

Q: 1. Why it is necessary to prepare a bank reconciliation? 2. What are the causes that bs is differ…

A: 1) Bank Reconciliation statement is prepared in order to match the Bank Balance with cash Balance as…

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: 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 items must be added to the cash balance per ledger in preparing a bank…

A: The statement prepared to find out the discrepancies if any, in the balances of the cash as per book…

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: 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: Which of the following should be included as part of outstanding checks in preparing bank…

A: An outstanding check is something that has been issued but has not been cashed-deposited by the bank…

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: Which of the following statements is false? a. Legally restricted bank deposits held as compensating…

A: Cash and Cash Equivalents Here is related to the Cash and its Equivalents which are relation with…

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 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: company with an efficient way to handle small payments of cash

A: Option b is wrong because bank accounts usually handle both large and small payments. Option c is…

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: Question 11 On a bank reconciliation, the amount of NSF checks not yet recorded by the company…

A: Sometimes, due to various reasons, the balance as per the cash book doesn't match the balance as per…

Q: 7) Adjusting entries are made: A) For the differences between the bank statement cash balance and…

A: Adjusting entries are made for the differences between the bank statement cash balance and adjusted…

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…

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.