Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerf. The_______________________ is responsible for the accounting systems in an organization

Q: Outstanding checks: Group of answer choices Have not been received by the bank for processing Are…

A: Outstanding checks are those that the business has written to a supplier but these have not been…

Q: efly explain about Basic Concepts of the Bank's Financial Statements.

A: Financial statements (or financial reports) are formal records of a business, individual, or other…

Q: BANK RECONCILIATION STATEMENT (definition and provide example)

A: DISCLAIMER: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Which is not a benefit of computerized accounting system?

A: Computerized accounting system is the one whereby the accounting of the transactions is being done…

Q: comparing the cash balances on its bank statement with the cash balances in the accounting records…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Briefly explain the key concepts below:  a. Financial crime b. Fraud triangle c. Money laundering…

A: Auditing and accounting are closely related fields within the broader realm of finance and financial…

Q: Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects.…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

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: According to IAS 32 Financial Instruments: Presentation, which of the following could be classified…

A: Assets: Assets are resources (property) presented in the balance sheet because for it an…

Q: A debit balance in the bank statement indicates A.Cash at bank B.Bank overdraft c. Over payment to…

A: The different balances in the accounts are classified as debit and credit balance. The cash is an…

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

A: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the…

Q: What is reconciling? What are the four purposes for reconciling differences in the bank and book…

A: Reconciling - It is the process of reconciling or understanding the difference between Company's…

Q: The greater the account's liquidity, the less susceptible the account is to fraud. * True O False

A: Liquid assets involve assets that are more easily convertible into cash.

Q: Which of the following statements is correct? Select one: a. Account receivable turnover is equal to…

A: Accounts Receivables Turnover Ratio

Q: What is the best way to reduce financial statement fraud?

A: There are five basic types of financial statement fraud exist in the entity which are as…

Q: Write a short note on "Accounting Frauds"

A: Accounting fraud is the deliberate manipulation of financial accounts to provide the impression that…

Q: Discuss using figures how Bank Overdraft will affect the preparation of Bank Reconciliation…

A: Bank reconciliation statement is a kind of statement prepared in order to reconcile the balances…

Q: fill in the blanks to complete each sentence. 7. From a bank's viewpoint, a standby letter of…

A: A letter of credit is referred to as a guarantee where the bank uses the letter to give the…

Q: True or False? Give a reason for your answer.  Q.1.1.1 Direct deposits are an  example of an…

A: These are the differences arise in the process of bank reconciliation. These differences would be…

Q: Deposits made which do not clear in time to appear on the current bank statement are called O check…

A: A bank statement, also known as an account statement, is a record that summarizes all of the…

Q: Read the following statements about internal controls. Write down the number of each statement and…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Comprehensive Explanation of Bank OverdraftDefinition and ExplanationA bank overdraft is a credit…

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

A: Bank reconciliation is the statement which is used to reconcile the bank balance as per cash book…

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?

A: The financial statement which records the amount differences between bank statement and bank account…

Q: Cash deposits in other banks during money laundering by criminal activities comes under   O a.…

A: Cash deposits in other banks during money laundering by criminal activities comes under (A)…

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

A: Cash equivalents are those short term assets which can be converted into cash immediately or short…

Q: How the use of Bank contributes to the internal control: Select one: O a. Omit bank reconciliation O…

A: All the transactions that are made through the bank are recorded in the company's books as well as…

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

A: The fraudulent practice of creating bogus websites or sending fake e-mails to get individuals to…

Q: Choose the correct answer: 5. Which of the following is considered effective? a. Certificates of…

A: Money Market Checking Accounts: A money market account, sometimes known as a money market deposit…

Q: Which of the following is NOT Non-Authorized Deposit-Taking Institution? O a. Credit Unions O b.…

A: Authorized Deposit Taking Institutions are institutions that have been granted authorization by the…

Q: How is responsible for preparing the bank reconciliation and what is the pur Pose of it:

A: Bank Reconciliation Statement - A statement showing the business activity of the company to…

Q: How can fraud be detected in the financial statements?

A: Financial statements are a summary of the transaction involved in the business activities which…

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

A: A Firewall is an electronic barrier that prevents unauthorised access to an organization’s computer…

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: Technically, a bank can require depositors to give prior notice before they withdraw funds from time…

A: Time deposits are deposits in the a bank which has fixed time of maturity. For this deposits,…

Q: A payment system that uses computerized electronic impulses to affect a cash transaction is called…

A: A payment system that uses computerized electronic impulses to affect a cash transaction is called…

Q: Organizations are encouraged to take every precaution possible to protect their information systems…

A: The cheque fraud belongs to the criminal acts category which includes making the unlawful use of the…

Q: Select the banking terms from drop down to match with the correct definition. Definitions…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: What are the ways to escape financial fraud? And why is it important to prevent it?

A: Any type of misrepresentation, forgery and mislead which harms the financial health of an…

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

A: Imprest system is a method of petty cash accounting. In this method a fixed amount of money is set…

Q: Something for something (quid pro quo), this is when an attacker calls an individual and lies to…

A: A financial institution is defined as a company that engages in business and deals with monetary as…

Q: Outstanding checks are checks the company has written and recorded but the bank has not received.…

A: Outstanding checks are the checks that have been issued by the company but they have not yet been…

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

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

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.