Which of the following is not a current asset? Inventory Trade receivables Building Cash at bank

Q: cash book

A: At the time of Dissolution , all Accounts of balance sheet transferred to Realisation Account except…

Q: How is the account Cash classified and what kind of balance should it have?

A: The cash account ledger record all the receipt on the debit side and expense paid credit side. A…

Q: Which of the following does not appea in a statement of cash flows? * O Cash sales O Credit sales…

A: The cash flows statement shows the cash inflows and outflows during the year from operating,…

Q: Borrowing cash from 'the bank is an example of which type of transaction? Multiple Choice Asset…

A: Borrowing cash from the bank will affect the cash and liabilities. The cash balance has been…

Q: factored. What is the total cash received from the financing of receivables?

A: Loan is the amount that an individual, company, or corporation owed for financing its activities and…

Q: Cash paid for inventory is an operating activity. True or False True False

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…

Q: What is contra entry in cash book? How is it recorded?

A: Meaning of Contra-EntryIn the dual entry accounting system, a contra entry is an entry which is…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: o meet immediate cash needs of the business b. To create an additional guarantee of collection c. To…

A: Factoring is a kind of financial transaction whereby the owner of the firm sells their receivables…

Q: The accounting treatment of a transfer fees by a bank is: a. An interest income b. An interest…

A: Introduction: Interest: Interest is the amount charged on the principle amount. Interest is…

Q: Monetary assets include cash, accounts receivable and inventory. O accounts receivable and property,…

A: A monetary assets are those assets  which  can easily  converted  into Fixed or determinable units…

Q: Which of the following is not an operating cash flow? collection of cash from receivables payment of…

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…

Q: A "sale on account" results in a debit to: Accounts Receivable Cash O Capital Accounts Payable

A: Solution....     Sales on Account results in debit of ?

Q: Which of the following asset will be called as Non-Current Asset of a Merchandise business? a.…

A: Introduction: Current Asset: The Assets which can be consumed or which can be converted in to cash…

Q: Quick assets include cash,  temporary investments,  inventory,  and receivables.   True or false?

A: Quick assets: Quick assets refer to those assets that can be immediately and easily converted into…

Q: what the effect to asset, liability and owner's equity if the company receives cash from a bank loan

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

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: Which of following functions should be segregated?a. opening the mail and recording cash receipts in…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Distinguish between the roles played by investment banks andfinancial intermediaries in exchanging…

A: The question is based on the concept of role of financial intermediaries and investment banks in…

Q: What does each of the following definitions refer to:    All aspects of the administration of cash,…

A: Current Assets are those assets which can be converted into cash within the accounting period or…

Q: Arrange the following items in current assets according to its liquidity:   A . Cash, Inventories,…

A: The company’s  generally  lists  the current assets according to its liquidity in order to  Knowing…

Q: Which one of the following assets is not considered as cash equivalent? Guaranteed investment…

A: Cash equivalents are form of liquid and current assets which can be converted into cash into short…

Q: Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr,…

A: Goods or services provided by the business can be sold for cash or on account. Cash sales are sales…

Q: What is the difference between cash receipts and cash payments?

A: Cash receipts refers to the collection of money recognized from the customers or from any other…

Q: . Which one of the following defines the cash cycle?  A.  Inventory period plus the accounts…

A: Cash cycle:It refers to the time it takes for a firm to turn raw materials into cash.

Q: Why must a balance sheet always balance? What are the major assets and claims on a commercial bank’s…

A: Balance sheet is called as statement of assets and liabilities. Liabilities represent claims of the…

Q: Which of the following items is not classified as an asset?  Accounts receivable Accounts payable…

A: Assets: a. Based on convertibility  :  current assets , Non current assets . b. Based on physical…

Q: rrange the following current assets according to their liquidity, starting from the most liquid one:…

A: The current assets are those assets that are convertible into cash within the time period of one…

Q: If a company purchases inventory with cash, does the total asset balance change ? Explain

A: Solution: If a company purchases inventory with cash, then inventory (an asset) will increase and…

Q: List and explain the substaintive tests of Cash & Inventory

A: A substantive test is the audit procedure used by the auditors of the business in order to check the…

Q: For each of the following items, identify whether the item is considered current or noncurrent,…

A: All of a company's assets that are expected to be sold, consumed, utilized, or expended within one…

Q: A" borrowed money from bank; this transaction involves which one of the * ?following accounts Cash &…

A: Solution: Borrowing money represents cash has been taken for a loan. It involves cash inflow and…

Q: .Which of the following transactions affects the total value of liabilities of a firm? Goods…

A: Solution: Transaction that affect total value of liabilities of a firm, is the transaction that…

Q: Quick assets include which of the following?     "Cash, prepaid rent, and receivables."     "Cash,…

A: Quick Assets include followings-

Q: For most businesses, what does cash consist of ?

A: Given: The requirement of the cash in a business.

Q: Why does Accounts receivable often are referred to as trade receivables?

A:

Q: Cash and balances with the C

A: Cashand cash due from Central Bank; cash on deposit in postal banking accounts; Due from Banks;…

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: What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Factoring…

Q: ebtors, inventories and bills receivable etc. that gets converted into cash within one operating…

A: 1.Debtors:- A debtor may be defined as person or an organization who takes money from the company as…

Q: What is bank statement

A: The commercial banks issue a statement to the customers which shows the activities for the…

Q: ACCOUNTS Ex. Accounts Payable Accounts Receivable Cash Interest Payable Acain, Capital Notes Payable…

A: Introduction: Current liabilities: Amount is due which to be paid with in 12 months period of time…

Q: Which of the following is a cash inflow from financing activities? Receipt from collections on notes…

A: The cash flow statement is prepared to find the net cash inflow or outflow from the business.

Q: The current assets are? ending raw materials inventory. account receivable. notes receivable bank.…

A: The current assets refer to those kinds of assets that can be converted into cash and cash…

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.