Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.

Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....

See similar textbooks

Related questions

Q: Brief Exercise 6-09 a-b At December 31, 2020, the following information was available for E. Hetzel…

A: Given that: Ending inventory = $40,000 Beginning Inventory = $56000 Cost of goods sold = $270,000

Q: 3. Indicate the effects of the transaction listed below on each of the following total current…

Q: 1. Consider a bond that promises to pay $100 in one year. If its price today is $85, If the interest…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A new accountant began working for Atlas Stores on July 1. During the month of July, the new…

A: Correctness in the Transaction Entry It is utmost duty of the accountant to enter the transaction…

Q: From the following information calculate Labour cost Variance, Labour Rate Variance and Labour…

A: Variance can be defined as the alteration between the actual amounts and the budgets being set. The…

Q: 1. Complete the balance sheet and sales information using the following financial data: Balance…

A: A component of the financial statement that provides information regarding the assets, liabilities,…

Q: Answer in step by step solution for this question

A: Incremental Analysis: Heavenly ChocolatesThis analysis compares the profitability of selling cocoa…

Q: Ma-De Corporations's Store No. 10 reported the following results of operations for the period just…

A: Soluion: Decision of Dropping any division is based on contribution marging forgone from…

Q: Your consulting firm will produce cash flows of $125,000 this year, and you expect cash flow…

A: a) Computation:

Q: The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following…

A: Analysis of the effect of transactions on each element of financial statements states whether the…

Q: Q2 The partners of M/S Hiralal and Co. approach you with a request to open a current account in the…

A: Current account is used to by the firms to make their transactions. This type of account does not…

Q: During 2019, Bitsincoins Corporation had EBIT of $100,000, a change in net fixed assets of $400,000,…

A: Free cash flow is what available for distribution to shareholders. it can be calculated by using…

Q: High Country, Inc., produces and sells many recreational products. The company has just opened a new…

A: There are two costing systems are generally followed by the entities which are, (1) Absorption…

Q: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: On August 1 of year 0, Dirksen purchased a machine for $37,250 to use in its business. On December 4…

A: One accounting technique that appears to be used to spread the value of tangible fixed assets over…

Q: Swifty Ltd. invested $1,250,000 in Gloven Corp. early in the current year, receiving 25% of its…

A: IFRS 10 CONSOLIDATION FINANCIAL STATEMENTS The accounts of two companies need to be consolidated…

Q: Complete solution for this question step by step

A: Complete Solution for Bird's Eye Treehouses Lockbox System:0-1. NPV of the New Lockbox System:Here's…

Q: Why is the t-bill's return independent of the state of the economy? Do t-bills promise a completely…

A: Treasury bills (T-bills) are a kind of short-term debt that is issued by the government with the aim…

Q: 4. Prepare the STATEMENT OF CASH FLOWS for Gibbsboro School Bus Inc. for 2017, the accountant has…

A: Cash flow statement is a statement which shows all cash inflows and cash outflows of the business…

Q: b,c &d. What is project NPV if the discount rates are 4%, 18%, 35%? (Negative amount should be…

A: NPV means PV of net benefits arises in future from the project. It can be simply computed by taking…

Q: XYZ partnership shares profits and losses in a 3:2:1 ratio respectively. This means: Partner Z…

A: Total sum of 3:2:1 = 3+2+1 = 6

Q: P Corporation, a publicly-listed company, acquired S Company, a privately-owned company, on…

A: The acquisition by entity P of entity S is a reverse acquisition because the entity S shares and…

Q: b. BPI C. BIR d. DTI It is the process of translating a plan in quantitative terms, usually…

A: Investment is the process of putting the funds into assets that generates returns over times. There…

Q: Q1. Mr. X is 35 years old and has recently joined an MNC as a Manager Hr. His annual package is…

A: There is a difference between investment and speculation. Though both terms may relate but they are…

Q: 5. If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were…

A: Net Income = Ending Capital + Owner's Withdrawal - Beginning Capital Ending Capital = $37000 Owner's…

Q: The founder of Alchemy Products Inc. discovered a way to turn gold into lead and patented this new…

A: Book value of the firm is the value of capital invested by the owner as shown in books of accounts.…

Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him a car…

A: Taxable Income is that the portion of a person’s or company’s gross income that the govt deems…

Q: 22. It may be measured in terms of increase in assets that appreciate in value. a. Stability b.…

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

Q: Consider the following projects: C1 +$2,100 + 1,540 C2 +$1,300 + 1,748 Project Co A -$2,200 - 2,200…

A: Net Present Value: The difference between the present value of cash inflows and the present value of…

Q: Here are the cash-flow forecasts for two mutually exclusive projects: Cash Flows (dollars) Project A…

A: Net Present Value(NPV) is excess of present value(PV) of all cash inflows over initial cash outlay…

Q: On September 10,2022 he transfers his Ranchi house for Rs.64,00,000 (Stamp duty value is Rs.…

A: The income tax assessment is guided by the Income Tax Act, 1961, tax rulings by court…

Q: Calculate the Net Present Worth (NPW) of this project: Draw CFD, and Enter the Answer in 'B2' Cell…

A: Net Present Worth(NPW) is a financial tool used to identify the profitability of an investment or…

Q: Sales $700 Operating costs including depreciation 500 EBIT $200 Interest 40 EBT $160 Taxes (40%) 64…

A: in this we have to calculate sales and operating costs and than get remaining answer.

Q: the answer for this question

A: Bank Reconciliation statement: Bank reconciliation statement is a report that summarized the…

Q: Blue Spruce Corp. is deciding whether to purchase 40% of Kyla Corp.'s shares for $1.60 million cash,…

A: The investment effect on blue spruce total assets, total liabilities and Shareholder's equity :-…

Q: (a) For the previous year ending March 31,2021, A has submitted following details: Basic salary:…

A: Computation of income from salary of A for Previous year 2020-21 relating to assessment year 2021-22…

Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

Long detailed answer of this question

Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine
day B arrived in branch to get the account statement of the account and suppose you are the
banker what will you do in this situation, whether you will give the same or not? Discuss.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

X and Y holds joint account in Bank in which the mode of operation is jointly one fine day Y arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.
LORO account will involve a O a. Mediator O b. New bank account O c. Correspondent Bank O d. Foreign Bank
Question Y O1 3U. Which of the following facility a Mobile Banking customer cannot use? O Facility for using banking facility from anywhere O Option to pay utility bills and Transfer of funds between accounts of same bank and other banks O Facilities of withdrawing cash anywhere anytime O Balance Enquiries and facility for shopping and paying through mobile
CH3.LOT3. Which of the following method/s where banks enable payments to customers? A. Wire Transfer B. Automatic Clearing houses C. Both A & B D. Mail
Question 5 Which 2 statements are true regarding using bank rules in QuickBooks Online? Rules are applied based on how many conditions are set You can select which rules to apply if you open the transaction Rules override a suggested match QuickBooks Online only applies one rule per Rules apply to unaccepted transactions only
1. It is a bank account wherein the depositor can draw checks. a. Drawing account b. Savings account c. Current account d. Past account 2. A deposit is shown on which part of a bank statement? a. Debit column b. Credit column c. Bottom part d. Everywhere 5 3. It is a written order directing a bank to pay money as instructed. a. Check b. Bank statement c. Deposit slip d. Bank instruction 4. You wrote a check and gave it to your friend as her birthday gift. Which of the following is correct? Drawer Drawee Payee a. You Bank Friend b. Bank You Friend c. You Friend Bank d. Bank You Friend 5. A time deposit is normally evidenced by a(an) a. passbook. b. bank statement. c. Certificate of Time Deposit. d. ATM card. 6. If you want to put money to your bank account, which of the following documents should you prepare? a. Deposit slip b. Bank statement c. Withdrawal slip d. Debit card 7. A check that is dated at a future date is called. a. ante-dated check. b. postdated check. c. stale check. d.…
Question: 1.What is the correct source documents for bank charges from business bank account. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.
In sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transfer
Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
Which of the following is NOT Non-Authorized Deposit-Taking Institution? O a. Credit Unions O b. Finance Companies Oc. O d. Securitizers Money Market Corporations What is open banking? Time left 0:33 O a. Open Banking refers primarily to giving customers greater access to and control over their own banking data O b. Open Banking enables the customer to direct that they can be provided with parts of their banking data in a secure environment and in a prescribed way O c. Open Banking enables the customer to direct that they, or third parties chosen by them, be provided with pre determined parts of their banking data in a secure environment and in a prescribed way Od. A and B Oe. A and C I bought stock Y last year and make 10% of profit. This year I bought stock Y again. Even though I am making a loss but I will wait and see as my experience with this stock is positive. What kind of bias is this? O a. Anchoring bias O b. Availability bias O.C. Confirmation bias Od. Loss aversion bias
Identify where each of the following transactions would be found on the bank reconciliation. Table 8.3
Match the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.