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

Part one - sage transactionsyou will be given a fictitious

PART ONE - SAGE TRANSACTIONS You will be given a fictitious company which you will need to set up, record two months of transactions and produce financial statements for. You will need to use your professional judgement ...

International accounting1 tax jurisdiction and double

INTERNATIONAL ACCOUNTING 1. Tax Jurisdiction and Double Taxation Basis for taxation come from three common bases for taxation...they are source, citizenship, and residence. (Fill in the blanks below) a. The citizenship b ...

Assignment the apportionmentyou are a census officer in a

Assignment: The Apportionment You are a census officer in a newly democratic nation and you have been charged with using the census data from the table below to determine how 100 congressional seats should be divided amo ...

Focus of the final paperyouve just been hired onto abc

Focus of the Final Paper You've just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has an ...

Required 1 provide fletchers ceo with an interactive report

Required 1. Provide Fletcher's CEO with an interactive report presenting the sales and profits of SuperDepot for the last four years. Use an interactive visualization software(Power BI) to produce one or more Interactive ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

Effect of financing on earnings per sharethree different

Effect of Financing on Earnings Per Share Three different plans for financing a $4,400,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their ...

Question 1 which of the following results in an increase in

Question 1. Which of the following results in an increase in the equity in investee income account when applying the equity method? Unrealized gain on intercompany inventory transfers for the prior year Amortizations of ...

Background of projectthe industry of medical devices

Background of Project The industry of medical devices involves a number of monitoring and reconstructive devices. Some of those devices include cardiac and diabetic care as well as hip and knee replacements. The owners o ...

Additional information1 the company during the year paid

Additional Information 1. The Company during the year paid AED 200,000 for security deposit and bank charges of AED 40. 2. The Warehouse reported inventory stock count of AED 286,500. 3. XYZ Company's confirmation ,( Cus ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen