FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260823875
Author: PHILLIPS
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Question
Chapter 5, Problem 24Q
To determine
To mention: the arguments for and against replenishment of petty cash fund
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(Supplement 5A) What are the arguments for and againstreplenishing all petty cash funds at the end of eachaccounting period?
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6. Unreleased checks *
a. Should be treated as outstanding checks
b. Should be restored to the cash balance
c. Should be treated as outstanding checks if the date is shortly after the balance sheet
d. Should be treated as outstanding checks if they are ultimately encashed
Chapter 5 Solutions
FUNDAMENTALS OF FINANCIAL ACCOUNTING
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What aspect(s) of the Sarbanes-Oxley Act might...Ch. 5 - Prob. 7QCh. 5 - What are the five components of an internal...Ch. 5 - Prob. 9QCh. 5 - Why is it a good idea to assign each task to only...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - What is the primary internal control goal for cash...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 1MCCh. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - Which of the following internal control principles...Ch. 5 - Prob. 6MCCh. 5 - Prob. 7MCCh. 5 - Prob. 8MCCh. 5 - Prob. 9MCCh. 5 - Prob. 10MCCh. 5 - Prob. 1MECh. 5 - Prob. 2MECh. 5 - Prob. 3MECh. 5 - Prob. 4MECh. 5 - Prob. 5MECh. 5 - Prob. 6MECh. 5 - Prob. 7MECh. 5 - Prob. 8MECh. 5 - Prob. 9MECh. 5 - Prob. 10MECh. 5 - Prob. 11MECh. 5 - Prob. 12MECh. 5 - Prob. 13MECh. 5 - Prob. 14MECh. 5 - Prob. 15MECh. 5 - Prob. 16MECh. 5 - Identifying Internal Control Principle and...Ch. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Reporting Cash, Cash Equivalents, and Restricted...Ch. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 1CPCh. 5 - Prob. 2CPCh. 5 - Prob. 3CPCh. 5 - Prob. 4CPCh. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - Recording Transactions and Adjustments,...Ch. 5 - Finding Financial Information Refer to the...Ch. 5 - Comparing Financial Information Refer to the...Ch. 5 - Ethical Decision Making: A Real-Life Example When...Ch. 5 - Ethical Decision Making: A Mini-Case You are an...Ch. 5 - Accounting for Cash Receipts, Purchases, and Cash...
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- 15. Statement I: In preparing proof of cash, the bank has not yet taken up deposits in transit at the current period. To reconcile, these deposits in transit must be added to the current period receipts and deducted from the ending balance. Statement II: A proof of cash is a reconciliation of the cash receipts and payments during the previous period, together with the beginning and ending balances of cash a. Both statements are false b. Only Statement II is true c. Both statements are true d. Only Statement I is truearrow_forwardA Moving to another question will save this response. Question 11 On a bank reconciliation, the amount of NSF checks not yet recorded by the company should be: A. Added to the bank balance of cash. В. Deducted from the bank balance of cash. C. Deducted from the book balance of cash. D. Added to the book balance of cash. Moving to another question will save this response.arrow_forwardWhat are two methods of recording accounts receivabletransactions when a cash discount situation is involved?Which is more theoretically correct? Which is used inpractice more of the time? Why?arrow_forward
- Which of the following should be considered cash equivalents? Post-dated checks Money market with checking account privileges Certificates of deposit Legally restricted compensating balancesarrow_forward(I) WHAT ARE THE BANK RECONCILING ITEMS? DESCRIBE EACH. DECRIBE IN A SHORT WAY. NO NEED LONG EXPLANATION.arrow_forwardIn a bank reconciliation, outstanding checks are ? a) Added to the bank balance b) Subtracted from the bank balance c) Added to the book balance d) Ignored entirelyarrow_forward
- 10. This refers to the total amount of money a bank has on deposit before adjusting for uncleared checks or deposits, as well as reserve requirements. Commission Gross Balance Down payment Current increase balancearrow_forwardWhat is the adjusted balance on the bank reconciliation? (See image of additional info)arrow_forward7. Which of the following should not be considered cash for financial reporting purposes? a. Petty cash funds and change funds b. Money orders, certified checks and personal checks c. Coin, currency and available funds d. Post-dated checks and IOUsarrow_forward
- 5)arrow_forwardExplain why speeding up the collection of accounts receiv-able provides only a one-time increase in cash receipts.arrow_forwardWhat is “Deposit in transit” in bank reconciliation? Select one: A. Subtracted From the Cash Book Balance B. Added to Bank Balance C. Subtracted From Bank Balance D. Added to Cashbook Balancearrow_forward
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