7. 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 statement

Q: Outstanding checks: Group of answer choices Have not been received by the bank for processing Are…

A: Outstanding checks are those that the business has written to a supplier but these have not been…

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?…

A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank…

Q: Suppose you incorrectly recorded a deposit as $450.  The bank discovered the correct amount was…

A: In this case the amount recorded in books is $450 while the correct amount, which has been recorded…

Q: All of the following statements are True about Bank overdrafts: If no offsetting allowed, should be…

A: Bank Overdraft:  A bank overdraft occurs when there is not enough money to do the transaction but…

Q: Which of the following statements is true? A certified check should be included in the outstanding…

A: Certified check means the check issued by bank saying that there is sufficient funds available in…

Q: Ina bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit…

A: Bank Reconcilation Statement Bank reconciliation is the process of  reconciling  of cash balance  as…

Q: When preparing a bank reconciliation, a not sufficient funds (NSF) check is

A: Not sufficient funds (NSF) check is the check issued by the issuer but which is not honured or…

Q: cash balance

A: If the cash balance shown in the company’s cash records is more than the correct cash balance and…

Q: Which of the following statements is correct?

A: Answer: Checks are those document that are issued to give or receive any amount. a.Outstanding…

Q: Which of the following statements about a forged drawer's signature on a check is true? A.)   A…

A: A forged drawer’s signature represents the instrument or checks to contain the forged signature of…

Q: Preparing the bank recociliation is consifered to be an important step in interna; control process…

A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of…

Q: A bank reconciliation statement is a statements that is Drawn up by the business to verify the cash…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False

A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…

Q: A bank may only take a bank deposit as collateral if the deposit was made at the same bank. a. True…

A: Collateral security refers to assets or property that a borrower pledges to a lender to secure a…

Q: When preparing a bank reconciliation, if the adjusted book balance and the adjusted bank balance are…

A: Equal amount of Adjusted book balance and the adjusted bank balance doesn't tell the cash is used…

Q: If a check correctly written and paid by the bank for $744 is incorrectly recorded on the company's…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: Which of the following statements about a forged drawer's signature on a check is true? a.)   A…

A: The answer for the multiple choice question and relevant working are presented hereunder : A check…

Q: Indicate whether the statement is TRUE OR FALSE. 9. Creditor is the maker of the check. a. true…

A: 9.First we have to know about the meaning of creditors  i.e. A creditor is a person, bank, or other…

Q: Timing difference occurs when the bank records an amount before the company does. Group of answer…

A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: bank balance in the cash book and that of the bank statement

A: Bank balance in cash book means amount of balance of bank ledger in the books of the entity/person…

Q: Cheque deposited for collection was honoured and recorded properly by the bank will a. Increase in…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: What is Bank Overdraft?  1. A document used by a company's accounts payable department containing…

A: The objective of the question is to understand the concept of a bank overdraft in the context of…

Q: Another way to describe account reconciliation is bank reconciliation—the process of bringing the…

A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is…

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?

A: The financial statement which records the amount differences between bank statement and bank account…

Q: CP 11 Bug-Off Exterminators provides pest control services and sells extermination products…

A: A bank reconciliation statement provides the details and shows us why and how much and which…

Q: Interest on overdraft account, entered in the bank account will result in a. Increase in Bank book…

A: Introduction: Overdraft: Withdrawal of cash more than available balance is called overdraft.

Q: Which of the following would NOT be classified as cash?   a. Company's post-dated checks b.…

A: Cash is the current asset which is in the form of money or it is something equivalent to money. It…

Q: (I) WHAT ARE THE BANK RECONCILING ITEMS? DESCRIBE EACH.   DECRIBE IN A SHORT WAY. NO NEED LONG…

A: Answer:-  Bank reconciliation:- An entity's bank account and its financial records are compared in a…

Q: 8. Which of the following statement is false?    a. A certified check is a liability of the bank…

A: Certified check is a check which is guaranteed by the bank of issuer that the sufficient money is…

Q: A firm wrote a check for $282 but the bank added $282 to the firm's account for the check. On a bank…

A: The bank reconciliation statement is a tool for financial clarity, reconciling the figures,…

Q: After preparing a bank reconciliation, no adjusting journal entries need to be made for outstanding…

A:

Q: Outstanding checks are checks the bank has paid and deducted from the customer's account. True or…

A: Outstanding checks are checks that have been issued for payment but have not yet been presented to…

Q: Unreleased checks a Are outstanding checks b. Are treated as certified checks c. Are part of the…

A: Checks have no impact on the payor's cash balance as shown on the bank statement because the bank…

Q: Analyze the following errors that appeared on Black Electric’s bank statement and in the accounting…

A: A financial statement known as a "bank reconciliation statement" contrasts the cash balance recorded…

Q: I need help with this problem

A: Step 1: Introduction to the Bank Reconciliation:Bank Reconciliation Statement is prepared every…

Q: A check written by the company for $272 is incorrectly recorded by a company as $227. On the bank…

A: The check amount was $272 but deducted from Book Balance $227. Hence, the rest amount of $45 should…

Q: credit side of a bank account is greater than debit side, it indicates: A. Bank overdraft B. Cash at…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Required Identify whlch of the followIng Items are added to or subtracted from the unadjusted bank…

A: Explanation Bank Service charge It already appears on the bank Statement Outstanding…

Q: a.explain with figures why your company's cash book balance will not agree with the bank statement…

A: Cash book is the book that will be prepared and maintained by the management of the company. All the…

Q: What if the drawee bank failed to determine right away that the CHECK is supposed to be dishonored…

A: Cheque bounce is a criminal offence under Section 138 of the Act, for which the payee can file a…

Q: A payment system that uses computerized electronic impulses to affect a cash transaction is called…

A: A payment system that uses computerized electronic impulses to affect a cash transaction is called…

Q: A cash receipts under a good control system will have. a. Encourage receipt of money through cheque…

A: Received and deposited properly Controlling over receipts which may includes cheques converted into…