A brokerage account for the deposit of client funds OA must require the signatures of two officers. B. must be labeled as a special or trust account. C. may contain all brokerage funds if properly designated. D. should maintain a balance of at least $100 at all times.
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- 19 ______________ has the authority to make payments from the fund that conform to prescribed management policies. a. The petty cash custodian b. Treasurer c. Accountant d. Cashier Clear my choiceThe trust department of a bank would be interested in participating in all of the following activities EXCEPT a.manager of a small savings account. b.conservator of the estate for an incompetent person. c.guardian of the estate of a minor. d.trustee for an insurance proceeds trust.A trust account journal does not need to include which of the following information? A social security or tax ID number of the beneficiary A running balance after each receipt or disbursement The date name of the payee check number reference to vendor document and amount for each disbursement The date name of the payor name of the principal and amount for each receipt PLEASE EXPLAIN WHY THE OPTION IS CORRECT AND REMAINING INCORRECT NEED ANSWER IN DETAIL
- A check was issued by L. The name of the payee written on the face of the check is “Cardo Dalisay from Ang Probinsyano”. What kind of instrument is this? A. Order instrument B. Bearer instrument C. Order and bearer instrument D. Trust BillThe primary purpose of setting a standard confirmation request to financial institutions with which the client has done business during the year is to a. Corroborate information regarding deposits and loan balances b. Provide the data necessary to prepare proof of cash c. Detect kiting activities that may otherwise not be discovered d. Request information about contingent liabilities and secured transactionsTrue or False all funds received daily for payment in the practice are posted in one batch
- Complete the follow table to ensure the difference between the three instruments.(According to the hint) Items Draft Promissory note Check Character Unconditional promise Main party 3(Drawer, Drawee, Payee) Principal debtor Drawer Creditor Holder(Payee or Endorsee) Liability of the drawer Guarantee acceptance and payment Identity of the payer Must be a bank Due time At sight and at time Number of bills OneThe Undeposited Funds account contains: A) Only partial payments received from customers B) Funds received from customers but not deposited in the bank C) Funds the company owes vendors D) Petty Cash fundsFunds in a ____ must remain on deposit for a stated time period in order to avoid an interest penalty. Group of answer choices checking account passbook savings certificate of deposit mutual fund U.S. Treasury bill
- The term deposits in transit refer to: a. Deposits that were made after the bank statement was mailed b. Deposits that have left the organization and are on their way to the bank c. The individual who is transporting the deposits to the bank d. Funds that have been wired but not yet receivedIn which of the following withdrawal of funds by a person from a bank can be made on maturity date as agreed with the bank a. Loans b. Fixed Deposit c. Current deposit d. Saving DepositWhich of the following procedures would a CPA most likely perform in planning a financial statement audit?a. Make inquiries of the client’s lawyer concerning pending litigation.b. Perform cutoff tests of cash receipts and disbursements.c. Compare financial information with nonfinancial operating data.d. Recalculate the prior-years’ accruals and deferrals.