Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Cash may not include:

a. foreign currency.
b. money orders.
c. restricted use cash.
d. undeposited customer checks.

2. Cash that is restricted and not available for current operations is reported in the balance sheet as:

a. equity.
b. investments and funds.
c. liabilities.
d. a cash equivalent.

3. When a bank reconciliation has been satisfactorily completed, the only related entries to be made in the depositor's records are:

a. to correct errors made by the bank in recording the dollar amounts of cash transactions during the period.
b. to reconcile items that describe the difference between the balance per the books and the balance per the bank statement.
c. to record outstanding checks and bank service charges.
d. to record items that describe the difference between the balance per the accounting records and the adjusted cash balance.

4. If a check correctly written and paid by the bank for $438 is incorrectly recorded on the company\'s books for $483, the appropriate treatment on the bank reconciliation would be to

a. add $45 to the bank's balance.
b. add $45 to the book's balance.
c. deduct $45 from the bank's balance.
d. deduct $438 from the book's balance.

5. Which one of the following is not an ex of internal control over cash?

a. Preparation of a cash budget.
b. Daily deposits of cash receipts at the bank.
c. Combining the functions of signing checks with the approval of expenditures.
d. Preparation of a bank reconciliation.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920781

Have any Question? 


Related Questions in Accounting Basics

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Project assignmentdo investors react to stock

Project Assignment Do Investors React to Stock Dividends? Financial accounting theory predicts that there should be no market reaction to a company's stock dividend. This is because the market value of the shares should ...

The company uses a periodic inventory system for specific

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 190 are from the January 30 purchase, 80 are from the January 20 purchase, and 105 are from beginni ...

Task -question 1 - saasu task 1you are working as an

Task - Question 1 - Saasu Task 1 You are working as an accountant in a regional accounting firm and have been approached by the owner of a start-up retail business. They have chosen Saasu as their accounting system and h ...

Exercise 1for roche inc variable manufacturing overhead

Exercise 1 For Roche Inc., variable manufacturing overhead costs are expected to be $20,780 in the first quarter of 2017, with $4,150 increments in each of the remaining three quarters. Fixed overhead costs are estimated ...

What are the effects on equitiesfinancial statement effect

What are the effects on equities? Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An equity security, whose fair value is currently less than cost, is classifie ...

Question 1in using the total cost concept of applying the

Question 1 In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. True False Question 2 What is the effect of a stock dividend on the balance sheet? A ...

Auerbach enterprisescomplete case 3a auerbach

Auerbach Enterprises Complete: Case 3A (Auerbach Enterprises). Auerbach Enterprises manufactures air conditioners for automobiles and trucks manufactured throughout North America. The company designs its products with fl ...

Assignment gaap applicationsinternal controlrecall that in

Assignment: GAAP Applications Internal Control Recall that in Units 2 and 3, you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently ...

Assignmenthttp990sfoundationcenterorg990pdfarchive5225223451

Assignment http://990s.foundationcenter.org/990_pdf_archive/522/522345144/522345144_201412_990.pdf?_ga=1.64191599.1553211607.1477880190 ( A wider circle NFP) http://awidercircle.org/wp-content/uploads/A-Wider-Circles-201 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro