When a financial institution blocks transactions, it must report the blocking toOFAC within how many days of the block? A) 30 B) 10 C)5 D) 20

The question is asking about the time frame within which a financial institution must report to the…

Answered: When a financial institution blocks…

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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28 [Question text] If a company’s average collection period is higher than the industry average, then the company may be: Select one: A. enforcing credit conditions upon its customers which are too stringent. B. too strict in granting credit facility. C. allowing its customers too much time to pay their bills. D. too strict in collecting its accounts receivable.
Which of the following practices contributes to efficientcash management? a. Never borrow money—maintain a cash balance suffi-cient to make all necessary payments. b. Record all cash receipts and cash payments at the endof the month when reconciling the bank statements.c. Prepare monthly forecasts of planned cash receipts,payments, and anticipated cash balances up to a year inadvance.d. Pay each bill as soon as the invoice arrives.
Bank reconciliations are typically prepared for... A. Savings Accounts B. Current Accounts C. Time Deposits D.Credit Accounts The cash ledger showed a balance of P2M, while the bank statement showed a balance of P800,000. What item must be reconciled to balance the cash ledger and bank statement? A. P1.2M deposit in transitB. P1.2M outstanding check C. P1.2M book error D. P1.2M debit memo Which of the following is not a bank reconciling items? A. Deposit in Transit B. Credit Memo C. Bank Error D. Outstanding Checks
Problem 2-2 (IAA) Sensible Company provided the following ledger account of the cash in bank maintained with Second Bank: SECOND BANK Dec. 1 Balance 6 Deposit 12 Deposit 24 Deposit 31 Deposit 100,000 30,000 40,000 50,000 60,000 Dec. 1 Check No. 771. 20,000 5,000 35,000 15,000 30,000 25,000 40,000 772 773 774 775 4 6 10 14 18 24 776 777 The following bank statement was received from the Second Bank by Sensible Company. Date Checks Deposits Dec. 1 Balance Check No. Balance 130,000 768 10,000 20,000 5,000 35,000 15,000 52,000 8,000 10,000 5,000 1' 771 4 772 773 30,000 40,000 12 774 12 776 24 1042 50,000 45,000 СМ 28 NSF check · 28 Service charge CS
A-7
39.
nk.9 A check written correctly for $50 was recorded in the general ledger as $55. This would appear on a bank reconciliation as a(an) a)addition to the book balance. b)deduction from the book balance c)deduction from the bank balance. d)addition to the bank balance.
Hh1.
A deposit of 500 was credited by the ban for 5000 What is the influence of the bank error? What we should do? a. Add 4500 on the bank balance b. Decrease 4500 on the bank balance
The Treasury Accounts-MDS, Regular account of Agency ABC as of December 31, 2020, had the following transactions: Outstanding Check P25,850, Bank Charges P4,750, Overstatement of MDS Account due to erroneous recording of NCA (with ARO) received P150,000, Overstatement of MDS Account due to erroneous recording of the amount of check issues issued P20,000, Understatement of NCA for regular recorded by bank P800,000, Lapsed NCA for regular account with ARO P420,000, Understatement of MDS Account due to erroneous recording of the amount of checks issued P8,000, NCA received by bank but not recognized by the Agency P543,210. Agency Book Balance P11,043,540, Balance per Bank P10,225,850.How much is the Adjusted balance per book and bank? *
H6. Question 15 During an audit, you are selecting a sample of transactions from the vouchers payable register at the end of the period and tracing them to underlying documents. By doing this, you are gathering evidence primarily to support that: Incurred obligations were recorded in the correct period Recorded obligations were paid Recorded obligations occurred prior to year-end 1 pts Cash disbursements were recorded as incurred obligation Please show all step by step calculation

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When a financial institution blocks transactions, it must report the blocking to OFAC within how many days of the block? A) 30 B) 10 C)5 D) 20