1. It is a bank account wherein the depositor can draw checks.a. Drawing accountb. Savings accountc. Current accountd. Past account2. A deposit is shown on which part of a bank statement?a. Debit columnb. Credit columnc. Bottom partd. Everywhere53. It is a written order directing a bank to pay money as instructed.a. Checkb. Bank statementc. Deposit slipd. Bank instruction4. You wrote a check and gave it to your friend as her birthday gift. Which ofthe following is correct?DrawerDraweePayeea. YouBankFriendb. BankYouFriendc. YouFriendBankd. BankYouFriend5. A time deposit is normally evidenced by a(an)a. passbook.b. bank statement.c. Certificate of Time Deposit.d. ATM card.6. If you want to put money to your bank account, which of the followingdocuments should you prepare?a. Deposit slipb. Bank statementc. Withdrawal slipd. Debit card7. A check that is dated at a future date is called.a. ante-dated check.b. postdated check.c. stale check.d. sci-fi check.8. A check that has not been uncashed for a long period of time from its dateis called aa. ante-dated check.b. postdated check.c. stale check.d. punish check.

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Answered: 1. It is a bank account wherein the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bank Reconciliation For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or subtraction in a bank reconciliation, and (3) requires a journal entry. a. Interest on cash balance b. Bank service charges c. Minimum balance bank fee d. Outstanding checks e. Collection of note by bank f. NSF checks g. Deposits in transit Bank or Book Side Add or Subtract Entry or Not
A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?
can you cash a check from an equity reserve account
Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
Which one of the following is true of a signature card? A. It is the same as a deposit receipt and acts as a proof of the deposit transaction. B. It can be used as a debit card. C. It can only be used for bank accounts of individuals, not for the bank accounts of businesses. D. It shows each authorized person's signature for a bank account.
After preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correct
Question 11: Which statement about making deposits is TRUE? Answer: A. B. C. D. O Funds received through sales are held in Savings, and you must move them to Checking. Funds received through sales are held in Undeposited Funds, and you must move them to your bank account. O Funds received through sales are held in Accounts Payable, and you must move them to your bank account. Funds received through sales are held in Accounts Receivable, and you must move them to your bank account.
Assign the letter to indicate whether the following items would be added from the company's books or the bank statement during the construction of a bank reconciliation. Clear All Charges for some other company's safe deposit box were posted to your account A $1,000 note from one of Added to the bank your customers was statement balance collected by the bank Added the company's Interest revenue earned by books the note above EFT deposit from a customer
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Which one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earned
On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.

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