Kollar Corporation reported current year. Changes in certain accounts during the current year are: Investment in Gold shares carried on the equity basis 380,000 increase Accumulated depreciaiton, cause by major repair to equipment 210,000 decrease Unearned interest income 50,000 decrease Premium on bonds payable 120,000 decrease Deferred tax liability 180,000 increase

Q: Fabulous Company provided the following data concerning cash on July 31: Checks drawn Bank statement…

A: The bank reconciliation statement (BRS) is prepared to reconcile the balance of the passbook and the…

Q: You were assigned to audit the financial statements of PASADO Company for the year ended December…

A: Cash account is maintained to meet day to day expenses, and such account includes bank balance. The…

Q: Differentiate cash from accrual method of reporting income and expenses.

A: The basic difference between accrual and cash basis accounting is about timing for recognizing…

Q: WHAT IS THE NET CASH PROVIDED BY FINANCING ACTIVITIES?

A: Cash flows from financing activities shows all cash inflows and cash outflows from the sources and…

Q: What are the major sources of cash (inflows) in a statement of cash flows? What are the major uses…

A:

Q: Which of the following method will be adopted to disclose Cash equivalents in the balance sheet? a.…

A: Historical cost method will be adopted to disclose Cash equivalents in the balance sheet....…

Q: What may be included under the heading of “cash”?

A: Current assets: Current assets are those assets owned by the company that can be convertible into…

Q: What is the purpose of the statement of cash flows? What information does it provide?

A:

Q: Define cash-basis net income.

A: Cash basis of accounting: Cash basis of accounting refers to the recognition of financial…

Q: Explain how the amount of cash payments to suppliers iscomputed under the direct method.

A: Statement of cash flows: The statement of cash flows is a statement which includes all transactions…

Q: Discuss the recognition, measurement and disclosures for 'cash' as per accounting standards

A: Cash is considered as the most liquid asset or quick asset for the business in the balance sheet…

Q: E8-14 Wynn Company has recorded the following items in its financial records. Cash in bank $ 42,000…

A: Cash and cash equivalents is an important section of current assets in the balance sheet. It…

Q: how is liquidity determines in cash collection period

A: Liquidity refers to the ability of a company to meet its short-term obligations with cash or cash…

Q: What is the classification of the investing activities in the statement of cash flows?

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: Explain the differences between cash and accrual accounting.

A: Account: A record, that documents or records the change in assets, liabilities, or equity for a…

Q: What are the different risks associated in the accounting of cash

A: The element of risk arises in each and every area and how well we can minimise or reduce the risk is…

Q: How does the direct method differ from the indirect method when preparing the operating activities…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: What is the net cash used in financing activities?

A: Net cash used in financing activities is the cash inflow pertaining to financing activities minus…

Q: operating activities

A: Operating activities include sales and changes in working capital. investing activities include…

Q: Indentify some of key cash inflows and cash outflows?

A: Cash flows of the firm is the movement of cash to and from business. It includes all the inflows of…

Q: Of what use is the statement of cash flows?

A:

Q: (a) How are cash equivalents reported in the financial statements? (b) What are some examples of…

A:

Q: when does a company declare a cash devidends

A: Dividends are the considerations which are paid out of the profits by the entity for the amount…

Q: what total amount should be reported as cash and cash equivalents?

A: Cash and cash equivalents is an important part of assets of the business. It means assets which are…

Q: Explain the possible restrictions on cash and their implications for classification in the balance…

A: Restricted Cash Restricted cash is define as the cash is not freely available for the company to…

Q: What are the Important elements of a cash disbursement control system?

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

Q: how do I determine how cash flow is generated?

A: What is a cash flow? Cash flow refers to the amount of cash or cash-equivalent a business receives…

Q: Sideways Company provided the following data: Purchased a building for P1,500,000. Paid P500,000 and…

A: Investing activities of an enterprise refers to acquisition (purchase) and disposal (sale) of long…

Q: What are some examples of cash flow from operating activities?

A: Cash Flow Statement is a financial statement that summarizes the inflows and outflows of cash in the…

Q: Which is an appropriate method of preparing a common-size cash fl ow statement? B . Show each line…

A: Cash flow statement is a statement that shows all the cash inflows and outflows in the company under…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.