. Which of the following is usually considered cash?    a. Certificates of deposit b. Checking accounts c. Money market savings certificates d. Post-dated checks

Q: An NSF check returned by the bank should be entered in the depositor's accounting  records by a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: The amount of the outstanding checks is included on the bank reconciliation as a(n)

A: BRS: Bank reconciliation statement is a report that summarizes the banking and business activity…

Q: A minimum cash balance required by a bank is called a.a compensating balance b.an EFT c.cash in…

A: Minimum cash balance : Customers of bank need to maintain minimum balance on their accounts. Minimum…

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: On a bank reconciliation. Deposit in transit is.....?

A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…

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: In a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank…

A: Bank reconciliation is prepared to reconcile the balance as per bank book and balance as per cash…

Q: Which of the following items should be included in the Cash? O A. O B. Postdated checks and I.O.U.'s…

A: Cash and Cash equivalents are coins ,notes bill, cash at bank and any marketable security that can…

Q: he amount of cash that is actually expected to be collected on accounts receivable is referred to…

A: The balance sheet represents the financial position of the business with assets, liabilities and…

Q: Choose the correct answer: 5. Which of the following is considered effective? a. Certificates of…

A: Money Market Checking Accounts: A money market account, sometimes known as a money market deposit…

Q: What is “Deposit in transit” in bank reconciliation?   Select one: A. Subtracted From the Cash…

A:

Q: Which of the following should be considered cash equivalents? Post-dated checks Money market with…

A: Cash and cash equivalent means the amount of cash , bank or highly liquid marketable securities…

Q: Explain book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

Q: Which of the following would be included in a journal to record an NSF check? a. A debit to…

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

Q: Mindanao Company provided the following data for the month of December: Balance per book Bank…

A: Bank Statement:- These statements are prepared when there is a difference between the balance as per…

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 must be deducted from the bank statement balance in preparing a bank…

A: Bank reconciliation is important for better Internal control because it provides the clear picture…

Q: The difference between book cash and bank cash, representing the net effect of checks in the process…

A: Average Daily Receipts are calculated by dividing the total receipts generated in a period by the…

Q: On December 31, 2020 Buttercup Company had a cash balance per books of $10,922.25. The bank…

A: Bank reconciliation statement Bank reconciliation statement is prepared to firm to reconcile or…

Q: In a bank reconciliation, an outstanding check isa. deducted from the book balance.b. deducted from…

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

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: Distinguish between cash book and bank balance.

A:

Q: 10. The following are bank reconciling items, except:      a. Deposit in transit   b. Bank errors…

A: a. Deposit in transit - These are not recognised in bank reconciliation statement…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: In a bank reconciliation, an EFT cash payment is A. added to the bank balance in the general ledger…

A: Bank reconciliation is prepared to reconcile the balance as per bank book and balance as per cash…

Q: two (2) adjustments required to reconcile the Cash Book with the Bank Statemen

A: The bank reconciliation statement shows the reconciliation of the bank statement to the cash account…

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

Q: Which one of the following documents is used in the control of cash receipts? a. Purchase…

A: Cash Receipts - Cash Receipts are the receipts which are the supporting document or evidence used by…

Q: In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the…

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

Q: ould be recorded using the Bank Deposit form?

A: Transaction types should be recorded using the Bank Deposit form are :  A. Cash received from loans.…

Q: State and explain the reasons for the difference between cash book and bank statement

A: Definition:   Bank reconciliation: Bank statement is prepared by bank. The company maintains its own…

Q: The bank statement for FERDZ Co. indicates a balance of P8,000.00 on June 30, 2021. After the…

A: Here we will determine the bank reconciliation statement and the same can be seen below: