Q 2: Describe how companies value accounts receivable record their disposition and what is the difference between a account receivable and a note receivable? .................................... Q1: Discuss fraud and the principles of internal control and how using of a bank contributes significantly to good internal control over cash ?

Q: Which of the following statements is false? A.   Moral hazard is the lack of incentive to guard…

A: Analysis of the options:   A: Moral hazard is the lack of incentive to guard against risk where one…

Q: 1. Explain why the system of internal control is important for a company

A: We shall answer the first question since the exact question wasn't specified. Please submit an ew…

Q: c) What are the benefits and risks of off-balance-sheet (OBS) activities to a bank?

A: Off-balance-sheet (OBS) activities refer to financial transactions or arrangements that are not…

Q: comparing the cash balances on its bank statement with the cash balances in the accounting records…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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: 0.Which of the following items would normally be EXCLUDED from the amount to be reported as cash on…

A: Solution: Following items would normally be EXCLUDED from the amount to be reported as cash on a…

Q: Consider how an organization must manage cash and receivables. Which of the two is the most…

A: How an organization must manage cash and receivables? Cash and receivables management is important…

Q: What are some of the reasons the bank statement balance does not match the company's general ledger…

A: The reconciliation statement is the statement that is prepared to see the various differences being…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: This refers to a bank that has agreement with the clearinghouse to exchange checks. A.…

A: Hi student since you have asked multiple questions, we are solving the 1st independent question…

Q: Question 4 Explain the measurement of accounts receivable. (Write a complete answer)

A: Financial Accounting: Financial accounting is the efficient strategy of recording, ordering, summing…

Q: True or False (Correct the wrong answer) 1) Deposits are considered as assets in the bank’s balance…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: 30.The concept and accounting for cash discounts and trade discounts are      a. always the same. b.…

A: Introduction:- Cash discount is offered by the seller to the buyer on the invoice amount at the time…

Q: In a bank reconciliation, a bank service charge is O added to the bank balance. deducted from the…

A: Preparation of bank reconciliation statements is prepared by the management at a particular time…

Q: Explain to Stella why there would be differences between the transactions  recorded by the business…

A: "Since you have posted multiple questions, we will provide the solution only to the first question…

Q: The speculative motive is the need to hold cash      O a. To pay outstanding checks       b.…

A: There are many objectives of maintaining cash with company but there are speculation objectives also…

Q: Accompanying the bank statement has a memo for bank service charges. On the bank reconciliation, the…

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

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: 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: 7. Which of the following should not be considered cash for financial reporting purposes?    a.…

A: Cash balance for financial reporting purpose means those instruments or assets, which are either in…

Q: True or False? Give a reason for your answer.  Q.1.1.1 Direct deposits are an  example of an…

A: These are the differences arise in the process of bank reconciliation. These differences would be…

Q: Read the following statements about internal controls. Write down the number of each statement and…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is meant by Bank Reconciliation? Who made it and when was it made?

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

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: Hello tutor solve this problem with correct

A: 1 ) The check returned due to insufficient fund is recorded in the company's book by having an…

Q: Cash deposits in other banks during money laundering by criminal activities comes under   O a.…

A: Cash deposits in other banks during money laundering by criminal activities comes under (A)…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Cash equivalents are those short term assets which can be converted into cash immediately or short…

Q: How the use of Bank contributes to the internal control: Select one: O a. Omit bank reconciliation O…

A: All the transactions that are made through the bank are recorded in the company's books as well as…

Q: Who is responsible for preparing the bank reconciliation and what is the purpose of it

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Savings accounts are usually classified as cash on the balance sheet.

A: Cash and Bank account Cash account is an account in balance sheet as a current asset and it shows…

Q: Which of the following is NOT Non-Authorized Deposit-Taking Institution? O a. Credit Unions O b.…

A: Authorized Deposit Taking Institutions are institutions that have been granted authorization by the…

Q: How is responsible for preparing the bank reconciliation and what is the pur Pose of it:

A: Bank Reconciliation Statement - A statement showing the business activity of the company to…

Q: 1. Discussed in this chapter is the Imprest System. What is it and how does it help in managing…

A: Financial management involves planning and controlling the financial activities of the organization…

Q: Question: Why does a company's cash at Bank account and bank statement rarely match? reqiured:…

A: The bank reconciliation statement is the statement that reconciles the difference between the bank…

Q: Which of the following are substantive tests?

A: For identifying whether the following are substantive tests or not we need to first identify what is…

Q: Select one: O True O False

A: Cash transaction  always affected the Bank Account, Petty cash or cash float.

Q: A. What is a bank reconciliation and why is it important for companies to do it periodically?

A: Balance per bank Add : Undeposited collections Total Deduct : Outstanding checks Check No. x…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Financial Reporting Phishing occurs when management prepares a misleading financial statement.…

Q: A cash payment under a good control system will have. а. Too much amount Bank book balance b.…

A: Under a good cash disbursement control system all payments are to be authorized and must be approved…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

A: Imprest system is a method of petty cash accounting. In this method a fixed amount of money is set…

Q: QUESTION 3 A bank reconciliation should be prepared periodically because O a. the company's records…

A: Introduction:-  A bank reconciliation statement is a document that compares the cash balance on a…

Q: . I. Imprest should be used for small reimbursements and material expenses such as utilities or to…

A: Solution: 1. False, Imprest should be used for small reimbursements but not for material expenses…

Q: Which among the following is not a function of a bank? a. Issuing demand drafts b. Paying interest…

A: A BANK IS A FINANCIAL INSTITUTION LICENSED TO RECEIVE DEPOSITS AND MAKE LOANS . BANK ALSO PROVIDE…

Q: Which of the following is not reconciliation item? a. Deposit in transit b. Bank charges c. Dividend…

A: Introduction: Bank Reconciliations: To reconcile the difference between bank book and cash book…

Q: 10. The following are bank reconciling items, except:      a. Deposit in transit   b. Bank errors…

A: a. Deposit in transit - These are not recognised in bank reconciliation statement…

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.