Answered: Indicate whether the statement is TRUE…

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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Similar questions

Cash transactions always affect the bank account, petty cash or cash float. Select one: O True O False
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1) The bank statement balance in space (1) should be: a. $481.77 b. $558.27 c. $609.19 d. $685.77 2) The checkbook balance in space (2) should be: a. $6,857.89 b. $6,527.02 c. $6486.17 d. $6276.17 3) The checks outstanding in space (3) should be: a. $250.85 b. $256.72 c. $325.00 d. $581.72 4) The current month deposits in space (4) should be: a. $243.33 b. $272.23 c. $281.13 d. $300.03 5)The bank statement balance in space (5) should be: a. $107.90 b. $110.80 c. $113.70 d. $116.50 6) The total checks written in space (6) should be: a. $328.13 b. $343.64 c. $353.65 d.$4,363.00 7)The checkbook balance in space (7) should be: a. $280.50 b. $291.50 c. $298.10 d. $312.40 8)The current month deposits in space (8) should be: a. $313.50 b. $320.68 c. $327.84 d. $335.01 9) The checkbook balance in space (9) should be: a. $72.02 b. $83.24 c. $94.44 d. $105.64 10) The beginning balance in space (10) should be: a. $66.99 b. $67.72 c. $68.14 d. $68.25
1. Why it is necessary to prepare a bank reconciliation? 2. What are the causes that bs is differ from cb? 3. How does bank statement (bs) differ from cash book (cb)? Illustrate ur answer. 4. Differentiate outstanding checks from deposit in transit. 5. Enumerate the 7 steps .
4. Which of the following is a true statement about petty cash account? a. It is a current liability account b. It is non-current liability account c. It is a current asset account d. It is a non-current asset account
If credit side of a bank account is greater than debit side, it indicates: A. Bank overdraft B. Cash at bank C. Bank balance D. Current asset
Check shall produce the effect of payment:I. When the check has been encashedII. When through the fault of the creditor the check has been impairedIII. When a check has been cleared and credited to creditor’s accountIV. When the creditor accepts the check as payment
Technically, a bank can require depositors to give prior notice before they withdraw funds from time deposits. True or False True False tv
1.Recording the borrowing of money for which a note is signed involves. Pass the journal entry?
Th e assumption that the eff ects of transactions and other events are recognized when they occur, not when the cash fl ows occur, is called: A . relevance.
The difference between book cash and bank cash, representing the net effect of checks in the process of clearing is which of the following? A- average daily receipts B- float C- average daily float D- weighted average float
14 - Which of the following transactions is credited?A) WHEN CHARGEDB) PURCHASE OF COMMERCIAL GOODSC) CURRENT REVENUED) IN COLLECTIONE) WHEN THE BANK ACCOUNT INCREASES

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Indicate whether the statement is TRUE OR FALSE. 9. Creditor is the maker of the check. a. true b. false 10. Check is good as cash. a. true b. false