Indicate whether the statement is TRUE OR FALSE. 9. Creditor is the maker of the check. a. true b. false 10. Check is good as cash. a. true b. false
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Indicate whether the statement is TRUE OR FALSE.
9. Creditor is the maker of the check.
a. true
b. false
10. Check is good as cash.
a. true
b. false
Step by step
Solved in 2 steps
- True or False? Give a reason for your answer. Q.1.1.1 Direct deposits are an example of an adjusting differenceQ.1.1.2 Bank charges are an example of a timing differenceQ.1.1.3 Interest on overdraft is an example of a timing differenceQ.1.1.4 Debit order is an example of an adjusting differenceQ.1.1.5 Bank understates a deposit on the bank statement is an example of a timing differenceChoose the correct answer: 5. Which of the following is considered effective? a. Certificates of Deposit b. Money Market Checking Accounts c. Money Market Savings Certificates d. Future-dated checks3-9) i Outstanding checks are checks the bank has paid and deducted from the customer's account. True or False True Saved False
- 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 encashed7. Which statement is true? a. Bank service charge will cause the cash balance per ledger to be higher than that reported by the bank, all other things being equal b. Outstanding checks will cause the cash balance per ledger to be greater than the balance reported by the bank, all other things being equal c. An error made by the bank by charging an amount to the depositor’s account requires a correcting entry in the depositor’s own records d. The cash amount shown in the balance sheet must be the balance reported in the bank statement8. Which of the following is usually considered cash? a. Certificates of deposit b. Checking accounts c. Money market savings certificates d. Post-dated checks
- 3. Write the difference between debit cards and credit cards.multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receiptsQuestion 8 Postdated checks should be reported as: O A. Receivables O B. Short-term investments OC. Cash O D. Inventory
- Net float is A. The difference between the amount of assets and liabilities. B. It is an account in which the zero balance is to be maintained. C. The difference between the balance of individual checkbook balance and the bank books balance. D. The time difference in mailing of the of check and clearing the check.When a depositor can take out more than the amount of funds, he/she has within an account is known as: O a. Discounted Bill of Exchange O b. Overdraft Facility OC. Term Loan O d. Money at call8. Bank drafts are considered cash. TRUE FALSE
