Which of the following is issued by a company to the responsible staff in order to establish a petty cash fund? a. Cheque payable b. Promissory note c. Demand draft d. Cheque receivable

Q: he amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A.…

A: >Outstanding checks are the checks that have been written and given to a party, but that party…

Q: Which of the following adjusts the bank's balance of cash in a bank reconciliation?  (More than one…

A: >Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

Q: An NSF check returned by the bank should be entered in the depositor's accounting  records by a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: 1: Counting the petty cash fund and revolving fund of the client company provides evidence of the…

A: Counting the petty cash fund and revolving fund of the client company provides evidence of the…

Q: The purpose of a petty cash fund is toa. Provide a convenient form of payment for the company’s…

A: Petty cash fund:   Petty cash fund is a fund established to pay insignificant amounts like postage,…

Q: When a petty cash fund is first established and reimbursed, the journal entries to record the…

A: when Petty cash Fund is First Establish the journal entry is   Petty cash A/c Dr.          To Cash…

Q: Which one of the following statements is true? a.The person handling the cash should also prepare…

A: Bank Reconciliation shows cash balance in the books should always reconcile with bank balance in the…

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A: Minimum cash balance : Customers of bank need to maintain minimum balance on their accounts. Minimum…

Q: Which of the following items should not be included in the Cash? O A. Petty cash and change funds…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: From page 4-4 of the VLN, in a bank reconciliation how are outstanding deposits treated? A. Add to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Which of the following entries would be required to account for a reimbursement to the petty cash…

A: Petty cash funds are those funds which are established for small petty expenses in the business.…

Q: A petty cash fund is established by transferring a specified amount of cash from the company’s…

A: Normally an individual designated as the petty cash custodian, is responsible for the controlling…

Q: Assume that Blue star LLC issued OMR 300 cheque to establish petty cash fund. What journal entry can…

A: Journal Entry - It is a record of every business transaction whether it economic or non economic, in…

Q: 7. Which statement is true?    a. Bank service charge will cause the cash balance per ledger to be…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered as per guidelines. If…

Q: Which of the following items appearing on a bank reconciliation require a journal entry to bring the…

A: Bank reconciliation statement is a statement which is prepared to reconcile cash balance as per cash…

Q: What is “Deposit in transit” in bank reconciliation?   Select one: A. Subtracted From the Cash…

A:

Q: Which of the following generally would not be considered good internal control of cash receipts? a.…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: A bank deducted OMR 50 from the customer’s account as a bank charge and customer noticed this only…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Which of the following statement is prepared to identify the discrepancies between the cash balance…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a…

A: Statement of financial position is the one on which the company's assets and liabilities are…

Q: A cash receipt that the business has added to its cash account,but that the bank has not added to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: na bank reconciliation, an outstanding check is O A. deducted from the book balance. O B. deducted…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: 1.How would customer's NSF checks be dealt with in a bank reconciliation? a. added to company’s book…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…

Q: Which of the following does not show good cash management regarding the controls over cash…

A: Segregate duties The foundation of a good internal control system is segregation of duties. The…

Q: Which cash reconciling item could potentially affect either the bank statement or the general…

A: The bank reconciliation statement is prepared to match the balance of cash book and pass book.

Q: company with an efficient way to handle small payments of cash

A: Option b is wrong because bank accounts usually handle both large and small payments. Option c is…

Q: When the petty cash fund is replenished:   Multiple Choice   Cash is debited.   Petty Cash is…

A: Petty cash is the amount set aside for small day to day expenses. Every once in a while, it is…

Q: Evaluate the following statements Statement 1: Under the punctuating system of petty cash…

A: Cash and cash equivalents is one of the items recorded as a current asset in the balance sheet of an…

Q: Which one of the following statements is true? a.Good cash management practices dictate that a…

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: CHAPTER 8 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Question 11 On a bank reconciliation, the amount of NSF checks not yet recorded by the company…

A: Sometimes, due to various reasons, the balance as per the cash book doesn't match the balance as per…

Q: In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are…

A: Bank Reconciliation statement is prepared to match the cash balances of cash book and pass book.

Q: Accompanying the bank statement was a debit memorandum for an NSF check received from a customer.…

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Q: The purpose of bank reconciliation a) None of the answers are correct b) These will include checking…

A: By summarizing banking and business activity, a bank reconciliation statement reconciles an entity's…

Q: Identify each of the following reconciling items as: an addition to the cash balance according to…

A: Ideally cash balance as per cash book and bank balance as per bank statement must reconcile with…

Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B.…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.