A bank statementa. is a bill from the bank for services renderedb. is a credit reference letter written by the company's bankC. shows a company the financial position of the bank as of a certain dated. shows the activity that increased or decreased the company's account balance

Bank statement: Bank statement refers to a printed record of the bank account balance. It consists…

Answered: A bank statement a. is a bill from the…

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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Similar questions

In which of the following withdrawal of funds by a person from a bank can be made on maturity date as agreed with the bank a. Loans b. Fixed Deposit c. Current deposit d. Saving Deposit
Which field typically appears in the Bank Register but not usually in reports?
Uncredited cheques are Cheques issued by a business but not yet cashed out by creditors. Cheques that are already deposited into a business's bank account but not yet recorded in the bank statement O Bank charges on the services provided by the bank Instructions given by a business to make regular payments on its behalf to its creditors
Choose the function and service of a bank in which Bank Purchases and sells securities, shares and debentures on behalf of their customers. a. Miscellaneous Functions of the banks b. Discounting of Bills of Exchange c. Investment of Funds d. Agency Functions
Credits given by the bank are: Select one alternative: Bank’s liabilities Credits are not classified in bank’s balance sheet Bank’s assets
When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.
if the company paid the salaries payable in the next period, the transaction will be as bellow cash debit, salaries payable credit. cash debit , salaries credit. salaries expense debit, cash credit. salaries payable debit, cash credit. Note collection in the bank reconciliation will be Add to the balance per bank. Deduct from balance per bank. O Add to the balance per book. Deduct from balance per book. cost of goods sold equal to O Goods available for sale mince beginning inventory. O Net sale mince goods available for sale Net purchase mince beginning inventory. beginning inventory blues net purchase mince ending inventory
A bank statement Select one: A. is a bill from the bank for services rendered B. shows a company the financial position of the bank as of a certain date C. shows the activity that increased or decreased the company's account balance D. is a credit reference letter written by the company's bank
B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.
Prepayment of loans may be initiated by a. borrowers and lenders b. bank auditors c. the central bank d. bank regulators
The bank statement issued by bank to its clients can be used as a source document for the following transactions: a. For all debit and credit transactions recorded by the bank in the account of the clients b. Only for the deposits made by the client O c. Only for the deductions made by the bank without the knowledge of the client O d. Only for the withdrawals made by the client
in terms of bank balance sheets which of the following is correct? Bank assets represent the sources of bank funds bank liabilities represent the uses of bank funds bank capital is the difference between a bank's assets and its liabilities all of the above none of the above

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A bank statement a. is a bill from the bank for services rendered b. is a credit reference letter written by the company's bank C. shows a company the financial position of the bank as of a certain date d. shows the activity that increased or decreased the company's account balance