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bank reconciliation statement ar tf d P 10,000 but forgot to deposit it a twice the check issued by JOY Tradir by banks. aror the cach balanco bec ook

bank reconciliation statement ar tf d P 10,000 but forgot to deposit it a twice the check issued by JOY Tradir by banks. aror the cach balanco bec ook

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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PLEASE DONT EXPLAIN IT, JUST ANSWER TRUE OR FALSE THANK YOU!

ACTIVITY 2 Instructions: Write TRUE if the statement is correct and FALSE if the statement is incorrect. 1. Bank statement and bank reconciliation statement are the same. 2. JOY Trading collected P 10,000 but forgot to deposit it at the end of the month. This is outstanding check. 3. The bank deducted twice the check issued by JOY Trading. This is a book error. 4. NSF check is allowed by banks. 5. Interest Income increases the cash balance per book. 6. JOY Trading paid a check to a supplier in the amount of P 2,000. The supplier withdrew it on the following month. This is an outstanding check that decreases the bank balance for the month. 7. Bank reconciliation statement is a technique used to detect cash fraud and irregularities in the company. 8. One way of safeguarding cash is the separation of responsibility. A cashier is not a bookkeeper.
Transcribed Image Text:ACTIVITY 2 Instructions: Write TRUE if the statement is correct and FALSE if the statement is incorrect. 1. Bank statement and bank reconciliation statement are the same. 2. JOY Trading collected P 10,000 but forgot to deposit it at the end of the month. This is outstanding check. 3. The bank deducted twice the check issued by JOY Trading. This is a book error. 4. NSF check is allowed by banks. 5. Interest Income increases the cash balance per book. 6. JOY Trading paid a check to a supplier in the amount of P 2,000. The supplier withdrew it on the following month. This is an outstanding check that decreases the bank balance for the month. 7. Bank reconciliation statement is a technique used to detect cash fraud and irregularities in the company. 8. One way of safeguarding cash is the separation of responsibility. A cashier is not a bookkeeper.
9. The bank omits P 3,000 deposit in the bank statement of JOY Trading. This can be traceable. 10. Cost of printing checks, or bank documents, charging NSF checks are bank charges. 11. The book recorded twice a deposit of P 1,000, Cash per book is understated as compared to bank balance. 12. The book recorded twice a deposit of P 2,000. The book is overstated as compared to bank balance. 13. The book recorded a check disbursement of P1,000 as P10,000. The book is understated by P9,000. 14. The bank omits a deposit of P 10,000 for the month. This is subtracted to the book balance. 15. NSF checks plus charges are deducted from the book balance.
Transcribed Image Text:9. The bank omits P 3,000 deposit in the bank statement of JOY Trading. This can be traceable. 10. Cost of printing checks, or bank documents, charging NSF checks are bank charges. 11. The book recorded twice a deposit of P 1,000, Cash per book is understated as compared to bank balance. 12. The book recorded twice a deposit of P 2,000. The book is overstated as compared to bank balance. 13. The book recorded a check disbursement of P1,000 as P10,000. The book is understated by P9,000. 14. The bank omits a deposit of P 10,000 for the month. This is subtracted to the book balance. 15. NSF checks plus charges are deducted from the book balance.
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