The type of deposit account preferred by business organizations is: Current deposits Savings bank deposits Fixed deposits Recurring deposits

Q: balance? 2. The details refers to a business bank reconciliation. Original Cash book balance at 31…

A: Bank Reconciliation is the practice of matching bank balance as per bank passbook with bank balance…

Q: This is the PRIMARY FUNCTION OF COMMERCIAL BANKS  TRUST FUNDS SAFE DEPOSIT BOXES EXTEND CREDIT…

A: 1.Trust Fund is an entity that holds property on behalf of someone 2.Safe Deposit Boxes means…

Q: Customers' current ac bank.

A: Liabilities are accumulated financial obligations that result from past events that are expected to…

Q: Incorporate the following data into Bank X's revenue statement. Each item should be labelled and…

A: Financial Statement: financial statement is an organized information about the financial position…

Q: Activity 2 Assume the following circumstances for Peter Plumbing Company, a small business located…

A: Bank Reconciliation Statement is prepared when there are found differences in Bank  Balances shown…

Q: Explain the difference between how you would characterize bank deposits and loans as assets and…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Discuss the need for the bank reconciliation statement

A: Bank Reconcilation Statement: Bank reconcilation statement  reconciles an entity’s bank account with…

Q: BANK RECONCILIATION STATEMENT (definition and provide example) BANK STATEMENT (definition and…

A: In a reconciliation, two sets of records are compared to see if there are any discrepancies. In…

Q: Liabilities of saving institutions include: checkable deposits, NOW accounts, and regular savings…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: D. The accountant of Borneo Enterprises received the bank statement of the company for the month of…

A: Bank Statement:- These statements are prepared when there is a difference between the balance as per…

Q: Deposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank…

A: A bank account is an account with a bank that is used to deposit money and withdraw money. The…

Q: The negotiable certificate of deposits issued by banks will lock in the following EXCEPT *…

A: A negotiable certificate of deposit often known as a jumbo CD, is a CD having a minimum face value…

Q: what is the basics of banking and discuss the various type of deposits

A: A bank is a sort of financial entity that may accept deposits and lend money. Banks may provide…

Q: Critically discuss the effect of deposit insurance on bank stability.

A: The deposit insurance is an insurance product that is offered to reduce or eliminate the risk of…

Q: From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability.…

A: Bank statement: This is a periodic or monthly statement issued by bank reporting the account summary…

Q: Activity 3 Upon receipt of the bank statement dated December 31, 2019, for the checking account in…

A: Bank Reconciliation statement is the statement which is prepared to reconcile the balance as per…

Q: Which are liabilities to a bank? Select one: O a. Vault cash and demand deposits O b. Demand and…

A: Liability is something a company owes to someone else. It is usually a monetary value.

Q: A company repays its bank borrowings.  The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:…

A: Introduction: Bank reconciliation statement: To reconcile the difference between cash and pass book…

Q: What is the primary asset of any bank? Select an answer: checking and savings accounts investments…

A: Primary Assets - For a Bank, assets are kind of financial instruments that banks is holding or where…

Q: Explain how bills of endorsement work. Are they classified as Off-Balance-Sheet (OBS) assets or OBS…

A: An endorsement of bill is defined as the procedure through the bill holder or maker for bill…

Q: Describe the nature of banking. What are the functions of banks? Give

A: Banking refers to a broad range of financial institutions that hold funds for individuals,…

Q: Hesham Geer Inc. has a difference in the balance as per Cash Book and bank statement as on 30h…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Q: deposit function, the bank is the _____ and the depositors are the ______ a. drawee - payees b.…

A: Banks do many function for customers and the one of the main function is the deposits made by the…

Q: What are the four major categories of assets on a commercial bank’s balance sheet and income…

A: Commercial banks: It is the financial institution that accepts deposits from the public and gives…

Q: In which of the following withdrawal of funds by a person from a bank can be made on maturity date…

A: Withdrawals from current deposits and saving deposits can be done at any point of time depending on…

Q: Discuss the different types of banks deposits in respect to features, interest, cost, withdrawals,…

A: The question is based on the concept of different accounts offered by a bank. Bank accepts deposits…

Q: Explain the relationship between a payor bank and its customers.

A: Introduction: Payor bank can be defined as a bank which is the drawee of a draft.

Q: 2. The following information pertains to Verdivia Co.'s cash on December 31, 2020: a. Balance per…

A: Solution: Bank reconciliation statement on Dec 31 is as under:

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.