The cash balance is calculated bysubtracting cash disbursements fromcash receiptsSelect one:O TrueO False

True Cash balance = cash receipts- cash disbursements

Answered: The cash balance is calculated by…

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

Explain and answer the following questions below: 1. Explain the measurement of accounts receivable. 2. Explain the treatment of dishonored notes. 3. What is the meaning of cash equivalent?
Which cash reconciling item could potentially affect either the bank statement or the general ledger? Multiple Choice Outstanding deposit Recording error Interest earned on notes held by the bank NSF checks
In business cash consist of many things. Identify which one of the following will be considered as cash? a. Post Dated Cheques. b. Credit card. c. Bank drafts. d. Travel Advance
All cash payments are recorded in: Sales Journal Cash Payments Journal Cash Receipts Journal General Journal
Which one of these principles is considered for cash disbursement control Select one: O a. Print check amount by machine O b. Same staff approve and make payment Oc. Reconcile bank statement annually O d. Rarely compare checks to invoices
What are the four accounts that are typically affected by cash transactions. Please use the following illustration to help you answer this question.
Indicate with Yes or No whether each of items should be included in the cash balance presented on the balance sheet. If yes is selected for the Included in Cash Balance column for NSF checks, Savings account,Compensating balance,post dated checks,IOU,cash on hand,cash in sinking fund, travel advance, bank draft and prepaid debit card. Include the Classification items excluded?
When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are made, the additions are: a.credited to the Capital account. b.debited to the Capital account. c.debited to the Cash account. d.credited to the Cash account.
Identify transaction NOT belonging to Cash Equivalents O a. Bank Balance O b. Bank Overdraft O c. Short-term deposits in bank Od. Interest paid
All reconciling items are used to determine the adjusted cash balance per books require the account owner to make adjusting entries to it’s cash account. True or false?
Listed below are ten items that may be found on a balance sheet. Required: Indicate with Yes or No whether each of the items should be included in the cash balance presented on the balance sheet. If "Yes" is selected for the "Included in Cash Balance" column, Choose "Cash" as the choice in the "Classification Items Excluded" column, otherwise, indicate the Normal balance sheet treatment for those items Not included as cash. Included in Classification Item Cash Balance Items Excluded NSF checks Savings account Compensating balance Postdated checks IOUS Cash on hand Cash in sinking fund Travel advance Bank draft Prepaid debit card
Which of the following are basic characteristics of a system of cash control?I. Separate responsibility for handling and recording cashII. Daily deposit of all cash receivedIII. Internal audit at regular intervalsIV. Use of a voucher system a. I, II and IV b. I, II, III and IV c. I, III and IV d. II and IV

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The cash balance is calculated by subtracting cash disbursements from cash receipts Select one: O True O False