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5. If the balance shown in the bank statement is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be a. Deposits credited by the bank but not yet recorded by the depositor b. Outstanding checks c. Deposits in transit d. Bank charges not yet recorded by the depositor

5. If the balance shown in the bank statement is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be a. Deposits credited by the bank but not yet recorded by the depositor b. Outstanding checks c. Deposits in transit d. Bank charges not yet recorded by the depositor

FINANCIAL ACCOUNTING
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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Answer items 5-8.
5. If the balance shown in the bank statement is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be a. Deposits credited by the bank but not yet recorded by the depositor b. Outstanding checks c. Deposits in transit d. Bank charges not yet recorded by the depositor 6. If the cash balance shown in the accounting record is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be a. Deposits credited by the bank but not yet recorded by the depositor HEAD TO TOT b. Deposits in transit c. Outstanding checks d. Bank charges not yet recorded by the depositor 7. Bank reconciliations are normally prepared on a monthly basis to identify adjustments needed in the depositor's records and to identify bank errors. Adjustments on the part of the depositor should be recorded for ribojstvo a. Bank errors, outstanding checks and deposits in transit. b. All items except bank errors, outstanding checks and deposits in transit. matola Anod og sigrast laps c. Book errors, bank errors, deposits in transit and outstanding checks. d. Outstanding checks and deposits in transit. 8. Bank statements provide information about all of the following, except a. Checks cleared during the period b. NSF checks c. Bank charges for the period d. Errors made by the depositor
Transcribed Image Text:5. If the balance shown in the bank statement is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be a. Deposits credited by the bank but not yet recorded by the depositor b. Outstanding checks c. Deposits in transit d. Bank charges not yet recorded by the depositor 6. If the cash balance shown in the accounting record is less than the correct cash balance and neither the entity nor the bank has made any errors, there must be a. Deposits credited by the bank but not yet recorded by the depositor HEAD TO TOT b. Deposits in transit c. Outstanding checks d. Bank charges not yet recorded by the depositor 7. Bank reconciliations are normally prepared on a monthly basis to identify adjustments needed in the depositor's records and to identify bank errors. Adjustments on the part of the depositor should be recorded for ribojstvo a. Bank errors, outstanding checks and deposits in transit. b. All items except bank errors, outstanding checks and deposits in transit. matola Anod og sigrast laps c. Book errors, bank errors, deposits in transit and outstanding checks. d. Outstanding checks and deposits in transit. 8. Bank statements provide information about all of the following, except a. Checks cleared during the period b. NSF checks c. Bank charges for the period d. Errors made by the depositor
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