Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Related questions
Question
What is the primary asset of any bank?
Select an answer:
-
checking and savings accounts
-
investments
-
accounts receivable -
real estate
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?arrow_forwardWhich of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transitarrow_forwardWhat is the purpose of the bank reconciliation?arrow_forward
- From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability. c.contra asset. d.surplus. e.revenue.arrow_forwardWhat are the four major categories of assets on a commercial bank’s balance sheet and income statement? What is between core deposits and purchased funds and how does this transactions work?arrow_forwardIn preparing a bank reconciliation, what is the proper treatment of interest earned on the bank account?arrow_forward
- How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.arrow_forwardOn a bank reconciliation, which of the following is added to the balance per book? Interest earned on the bank balance. EFT payments to vendors. Deposits in transit. Outstanding checks.arrow_forwardWhich is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to Book Balance OD) Deduct from Bank Balance OB) Deduct from Book Balance OC) Add to Bank Balancearrow_forward
- A bank's required reserve ratio is equal to: Checkable Deposits/Required Reserves Net Worth/Assets Loans/Checkable Deposits Required Reserves/Checkable Deposits give answer with explanationarrow_forwardA company repays its bank borrowings. The entry to record that transaction should be Group of answer choices A debit to bank borrowings and a credit to cash A debit to cash and a credit to bank borrowings.arrow_forwardWhat item on the bank statement that may differ from the company's financial records. NSF check interest earned outstanding checks service chargearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College