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II. DIRECTION: A.Read each sentence carefully and determine whether the statement is True or False. Write your answer in the space provided before the number. 1. The account holder may issue a bank check from savings account. 2. The account holder may use the withdrawal slip to get money from his checking account. 3. The deposits accounts are investment accounts in nature 4. Time deposit normally has fixed interest rate and fixed placement period. 5. Bank statement is a letter issued by the bank that certifies the existence of the bank account. 6. Deposit in transit is a reconciling item added to unadjusted book balance. 7. Outstanding check is a reconciling item deducted from the unadjusted bank balance. 8. Debit memo is an adjustment to the bank side of the bank reconciliation. 9. Bank service charge is reconciling item deducted from unadjusted book balance. 10. Adjusting journal entries are prepared based on the reconciling items on the bank side of the bank reconciliation.

II. DIRECTION: A.Read each sentence carefully and determine whether the statement is True or False. Write your answer in the space provided before the number. 1. The account holder may issue a bank check from savings account. 2. The account holder may use the withdrawal slip to get money from his checking account. 3. The deposits accounts are investment accounts in nature 4. Time deposit normally has fixed interest rate and fixed placement period. 5. Bank statement is a letter issued by the bank that certifies the existence of the bank account. 6. Deposit in transit is a reconciling item added to unadjusted book balance. 7. Outstanding check is a reconciling item deducted from the unadjusted bank balance. 8. Debit memo is an adjustment to the bank side of the bank reconciliation. 9. Bank service charge is reconciling item deducted from unadjusted book balance. 10. Adjusting journal entries are prepared based on the reconciling items on the bank side of the bank reconciliation.

FINANCIAL ACCOUNTING
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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A. Read each sentence carefully and determine whether the statement is true or false. (Please refer to the picture.)
II. TOPIC: Bank Accounts II. DIRECTION: A.Read each sentence carefully and determine whether the statement is True or False. Write your answer in the space provided before the number. 1. The account holder may issue a bank check from savings account. 2. The account holder may use the withdrawal slip to get money from his checking account. 3. The deposits accounts are investment accounts in nature 4. Time deposit normally has fixed interest rate and fixed placement period. 5. Bank statement is a letter issued by the bank that certifies the existence of the bank account. 6. Deposit in transit is a reconciling item added to unadjusted book balance. 7. Outstanding check is a reconciling item deducted from the unadjusted bank balance. 8. Debit memo is an adjustment to the bank side of the bank reconciliation. 9. Bank service charge is reconciling item deducted from unadjusted book balance. _10. Adjusting journal entries are prepared based on the reconciling items on the bank side of the bank reconciliation.
Transcribed Image Text:II. TOPIC: Bank Accounts II. DIRECTION: A.Read each sentence carefully and determine whether the statement is True or False. Write your answer in the space provided before the number. 1. The account holder may issue a bank check from savings account. 2. The account holder may use the withdrawal slip to get money from his checking account. 3. The deposits accounts are investment accounts in nature 4. Time deposit normally has fixed interest rate and fixed placement period. 5. Bank statement is a letter issued by the bank that certifies the existence of the bank account. 6. Deposit in transit is a reconciling item added to unadjusted book balance. 7. Outstanding check is a reconciling item deducted from the unadjusted bank balance. 8. Debit memo is an adjustment to the bank side of the bank reconciliation. 9. Bank service charge is reconciling item deducted from unadjusted book balance. _10. Adjusting journal entries are prepared based on the reconciling items on the bank side of the bank reconciliation.
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