
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Which bank control protects against forgery?
Which bank control reports what the bank did with the customer’s cash each period?
Which bank control confirms the amount of money put into the bank?
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- Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?arrow_forwardDoes every audit have some type of bank confirmation?arrow_forwardWould a bank service charge be added to or subtracted from the company's books or the bank statement during the construction of a bank reconciliation?arrow_forward
- After preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correctarrow_forwardThe preparation of monthly bank account reconciliations is an internal control in place to detect misstatements in cash. Question 46 options: True Falsearrow_forwardSubject: accountingarrow_forward
- Which field typically appears in the Bank Register but not usually in reports?arrow_forwardDuring a bank reconciliation process, Oa. outstanding checks and deposits in transit are subtracted from the bank statement balance Ob. outstanding checks are added and deposits in transit are subtracted from the bank statement balance Oc. outstanding checks and deposits in transit are added to the bank statement balance Od. outstanding checks are subtracted and deposits in transit are added to the bank statement balancearrow_forwardWhat audit procedures would you use to determine that the cash balances actually exist at the balance sheet date? Is a bank statement provided by the client sufficient audit evidence?arrow_forward
- What item on the bank statement that may differ from the company's financial records. NSF check interest earned outstanding checks service chargearrow_forwardIn preparing a bank reconciliation, what is the proper treatment of an outstanding check?arrow_forwardWhich transaction types should be recorded using the Bank Deposit form?arrow_forward
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