Horngren's Financial & Managerial Accounting (6th Global Edition)
6th Edition
ISBN: 9780134486833
Author: Tracie L. Miller-Nobles, Brenda L. Mattison
Publisher: Pearson Global Edition
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 7, Problem 16RQ
To determine
Timing Differences: When accounting records are maintained by both bank and business, time interval occurs and thus cash differences occur between cash amount in the bank statement and the cash account in the company books. These time intervals are referred as timing differences.
To list: Some examples of timing differences.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Why it important to reconcile the bank statement?What are some of the items involved in the reconciliation process? What do you do when you find errors during reconciliation? What happens if you don’t fix them? Name other accounts that can be reconciled.
When preparing a bank reconciliation, adjustments are made to the bank side and not the ledger (book) side.
True or False
what are the two most differences between the bank side and the book side of a bank reconciliation?
Chapter 7 Solutions
Horngren's Financial & Managerial Accounting (6th Global Edition)
Ch. 7 - Prob. 1QCCh. 7 - Prob. 2QCCh. 7 - Prob. 3QCCh. 7 - Prob. 4QCCh. 7 - Prob. 5QCCh. 7 - Prob. 6QCCh. 7 - Prob. 7QCCh. 7 - Prob. 9QCCh. 7 - Prob. 10QCCh. 7 - Prob. 11QC
Ch. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - What are the five components of internal control?...Ch. 7 - Prob. 4RQCh. 7 - What is separation of duties?Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Prob. 8RQCh. 7 - How do businesses control cash receipts by mail?Ch. 7 - Prob. 10RQCh. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Prob. 18RQCh. 7 - Defining internal control Internal controls are...Ch. 7 - Prob. 7.2SECh. 7 - Prob. 7.3SECh. 7 - Prob. 7.4SECh. 7 - Prob. 7.5SECh. 7 - Prob. 7.7SECh. 7 - Prob. 7.8SECh. 7 - Prob. 7.9SECh. 7 - Prob. 7.10SECh. 7 - Prob. 7.11SECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Evaluating internal control over cash payments...Ch. 7 - Understanding internal control, components,...Ch. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.20ECh. 7 - Prob. 7.21ECh. 7 - Prob. 7.23APCh. 7 - Prob. 7.24APCh. 7 - Prob. 7.25APCh. 7 - Prob. 7.26APCh. 7 - Prob. 7.27APCh. 7 - Prob. 7.28APCh. 7 - Prob. 7.29BPCh. 7 - Prob. 7.30BPCh. 7 - Prob. 7.31BPCh. 7 - Prob. 7.32BPCh. 7 - Prob. 7.33BPCh. 7 - Prob. 7.34BPCh. 7 - Prob. 7.2DCCh. 7 - Levon Helm was a kind of one-man mortgage broker....Ch. 7 - Prob. 7.1CA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- please solve a and b a)Why it important to reconcile the bank statement?b)What are some of the items involved in the reconciliation process? What do you do when you find errors during reconciliation? What happens if you don’t fix them? Name other accounts that can be reconciled.arrow_forwardWhat If the Facts Were Different? Suppose that West Bank’s Deposit Account Agreement had not included “an obligation to Depositor to exercise good faith and ordinary care in connection with each account.” How might the result have been different?arrow_forwardIn preparing a bank reconciliation, what is the proper treatment of a deposit in transit?arrow_forward
- In preparing a bank reconciliation, what is the proper treatment of a bank service charge?arrow_forwardIn the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balancearrow_forwardA bank reconciliation should be prepared periodically because Select one: A. the bank has not recorded all of its transactions B. the company's records and the bank's records are in agreement C. any differences between the company's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected D. the bank must make sure that its records are correctarrow_forward
- Discounting is a transfer or endorsement of a promissory note by the payee in favor of another party usually a bank where the payee becomes the endorsee TRUE OR FALSEarrow_forwardAfter preparing a bank reconciliation, what adjustments does the company need to make to its records?arrow_forwardAnother way to describe account reconciliation is bank reconciliation—the process of bringing the balance of the bank statement and the balance of the cash account into agreement. True Falsearrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub