7. The following are included in the current file, except: * A. Management representation letter B. Bank reconciliation C. Chart of accounts D. Draft of financial statements E. None of them

Q: Choose only one answer as well as state their reasons/rationale for the answer chosen. 8) A data…

A: The answer is provided as follows:

Q: The statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on…

A: Ledger is secondary book of the business in which the transactions which have earlier been recorded…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

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

Q: pare the general format of the balance sheet (without nu under each category. Please make sure you…

A: ANSWER:-                                                        BALANCE SHEET…

Q: This is also known as the controlling account.    A. cash receipts journal B. notes payable C.…

A: The controlling account or the control account are of the following types: Bank account balances…

Q: Type Details Particulars Code Reference Amount Date ForeignCurrencyAmount ConversionCharge Food…

A: Given the bank statement shows  1. Direct credit 2. Payment 3. Direct debit Direct credit is the…

Q: What of the following is not a step in the general ledger and financial reporting cycle? a. Prepare…

A: The accounting cycle is a set of procedures or processes used by firms to record, categorize, and…

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Debtors represent the term that is used when a payment is due to be received from the customers and…

Q: ______best describes the classification and normal balance of the accounts receivable account?

A: The Answer :

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: ABC Corporation had a general ledger balance of $3,999.85 @ February 28, 2023. The February bank…

A: Bank Reconciliation StatementAn accounting document known as a…

Q: Each of the following documents is a control for a bank account excepta. signature card.b.…

A: For controlling a bank account, a bank statement, signature card and bank reconciliation statement…

Q: When recording the chart of accounts, the field you use to classify financial statement accounts is…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Financial Reporting Phishing occurs when management prepares a misleading financial statement.…

Q: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

A: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

Q: 1.63 Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by…

A: When an auditor wants an audit of a financial statement, the most important concern is to verify…

Q: Which of the following is a bank account from which a company transfers funds from a master account…

A: The banks require funds for the settlements of the accounts, cheques clearance, and other payments.…

Q: ADD DEDUC ADD DEDUC то RECONCILING ITEMS T FROM то T FROM BOO BOOK BANK BANK K Jodi Dela Cruz…

A: Bank Reconciliation: As cash account balances are reconciled with a bank statement, the procedure is…

Q: Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3)…

A: (1) A general checking account is the frequently used leading bank account of the companies, through…

Q: PA4.  LO 7.4Use the journals and ledgers that follow. Total the journals. Post the transactions to…

A: A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a…

Q: 38-Analytical procedure means the evaluation of financial information through the analysis of…

A: Financial information means information that is related to monetary values and that is related to…

Q: Does it go under balance per bank statement or balance per books for reconciliation worksheet?

A: In this question, the actual amount of Cheque no. 735 was $ 767. The same is recorded in the books…

Q: A prenumbered document that tells the bank to pay the designated party a specific amount is a A.…

A: In financial transactions, various documents play crucial roles in facilitating payments, transfers,…

Q: Which of the following is most likely to be a general ledger control account? Select one: O a.…

A: General Ledger control account:-Controlling accounts are the accounts that only reflect the…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.