A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum

Q: Which of the following items is added to the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: The monetary instrument that is given to payees for payment of liabilities. Checks issued by the…

A: Negotiable Instrument: (According sec 13 of The Negotiable Instrument Act 1881.) Negotiable means…

Q: On a bank reconciliation, which of the following is added to the balance per book? Interest earned…

A: In order to make sure that their bank records—bank statements—and their own accounting…

Q: he amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A.…

A: >Outstanding checks are the checks that have been written and given to a party, but that party…

Q: The explanation of the differences between the cash account balance according to the company’s book…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

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

Q: Comparison between formal and informal business for bank account, bank charges,cost of sales and…

A: Formal and Informal Business A formal business is one that has a legal identity and is registered…

Q: Which ones have a credit balance? Bills in arrears Promissory notes receivable in advance

A: The different accounts in the business have normal Debit and credit balance. The assets and expenses…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: A bank statement Oa. shows a company the financial position of the bank as of a certain date Ob. is…

A: Bank statement is a record maintained by a bank for every customer that he/she transacts with it.…

Q: Incorporate the following data into Bank X's revenue statement. Each item should be labelled and…

A: Financial Statement: financial statement is an organized information about the financial position…

Q: A check was issued by L. The name of the payee written on the face of the check is “Cardo Dalisay…

A: a)Order Instrument-An order paper, also known as an order instrument, is a negotiable instrument…

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: The type of deposit account preferred by business organizations is: Current deposits Savings bank…

A: Bank offers different types of accounts named as savings, current overdraft, and many others…

Q: The "principal" of a note receivable refers to: a.the amount of cash borrowed. b.the present value…

A: The principal amount of a note receivable is the amount of cash borrowed.

Q: The accounting treatment of a transfer fees by a bank is: a. An interest income b. An interest…

A: Introduction: Interest: Interest is the amount charged on the principle amount. Interest is…

Q: According to IAS 32 Financial Instruments: Presentation, which of the following could be classified…

A: Assets: Assets are resources (property) presented in the balance sheet because for it an…

Q: IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of…

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

Q: Which of the following statements is true? Group of answer choices Companies typically report gross…

A: The objective of the question is to identify the correct statement about how companies typically…

Q: BANK RECONCILIATION STATEMENT (definition and provide example) BANK STATEMENT (definition and…

A: In a reconciliation, two sets of records are compared to see if there are any discrepancies. In…

Q: A bank statement ☐ is a bill from the bank for services rendered ☐ lets a depositor know the…

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

Q: At the time of submission for encashment the cheque has to be signed by: a. Both endorser and branch…

A: At the time of submission for encashment the cheque has to be signed by: Both endorser and branch…

Q: Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections…

A: The debit memorandum is issued by the bank to notify the depositor about the deductions made from…

Q: A Credit Note would be issued by a business: A. as evidence of goods sold on credit. B. as reference…

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: 2. Receipt of promissory note from customers in settlement of open accounts. 3. Estimate of…

A: Journals are the books of prime entry. These are the books of the recording of transactions having…

Q: Which of the following is considered cash? a. Thirty-day certificate of deposits b. Customer’s…

A: Cash is very important current asset for the business, which is shown in balance sheet of the…

Q: For each of the items indicate whether its amount affects the bank or book side of a bank…

A: A bank reconciliation statement aligns an organization's bank account with its financial documents…

Q: 3. Should a note receivable from a related party be included in the balance sheet with notes…

A: Balance sheet:   Balance sheet is a summary of assets, liabilities, and equity account that reports…

Q: Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to…

A: Explanation of each item are provided as below : A. Added to Book Balance :  In Bank reconciliation,…

Q: Accompanying the bank statement was a debit memo for bank service charges.  On the bank…

A: Bank service charge: Bank service charge is charges levied by the bank for the services provided or…

Q: From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability.…

A: Bank statement: This is a periodic or monthly statement issued by bank reporting the account summary…

Q: In a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank…

A: Bank reconciliation is prepared to reconcile the balance as per bank book and balance as per cash…

Q: Which of the following items is subtracted from the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: Cash and cash equivalents include: Multiple Choice Postage stamps. Customer checks, cashier's…

A: In case of multiple questions, we are allowed to solve only the first question. If you want other…

Q: The process of determining any differences between a bank statement balance and a checkbook balance…

A: The objective of the question is to identify the correct term for the process of determining any…

Q: How does the FASB codification ASC 310-10-05-4 apply to banks and their accounting transactions? If…

A: The FASB codification 310-10-05-4 deals with the receivables during the year. receivable may arise…

Q: A company repays its bank borrowings.  The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank…

A: Bank reconciliation: Bank reconciliation is a statement which bring into agreement the cash balance…

Q: Which of the following is an appropriate reconciling item to the balance per bank in a bank…

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…

Q: Accompanying the bank statement was a credit memo for a short-term note collected by the bank for…

A: Bank statement credit memo: Bank statement credit memo is an item enclosed on the bank statement…

Q: Deposits made by a company but not yet reflected in a bank statement are called: a.Credit…

A: Bank reconciliation statement: Bank reconciliation statement is to be prepared by the customer of…

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: Match each of the activities listed below with a purpose of the activity listed below.

A: An organisation whose motive is to procure income  through selling goods & services to the…

Q: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…

A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…

Q: Which of the following would be included in a journal to record an NSF check? a. A debit to…

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

Q: Identify whether each of the following items would be (a) added to the book balance, (b) deducted…

A: Deposits in transit and outstanding checks are adjusted in the bank balance. Bank service charge,…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.