Debate the logic used in the following statement: “The person responsible for handling cash receipts should also prepare the bank reconciliation because he is most familiar with the deposits that have been made to the bank account.

Q: Which of the following items is added to the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

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: 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: How will a company’s bank reconciliation reflect an electronicdeposit of cash received by the bank…

A: Bank reconciliation statement:   Bank reconciliation statement is a summary of the banking and…

Q: Which of the following generally would be considered good internal control of cash disbursements? a.…

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Q: Understanding bank account controls Answer the following questions about the controls in bank…

A: Requirement 1:   Signature card is used to ensure that particular person is an authorized official…

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

A:

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

Q: Each situation below describes an internal control weakness in the cash receipts process.…

A: Given: Each situation below describes an internal control weakness in the cash receipts process. To…

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…

Q: Would charges for some other company's safe deposit box that were posted to your account be added to…

A: Bank reconciliation: Bank statement is prepared by the bank. The company maintains its own records…

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You…

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

Q: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *…

A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is…

Q: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.

A: Answer: Cash is the asset that is being hold by the company.  Checks are the document that are…

Q: Which of the following is not an essential cash receipt internal control? Multiple Choice   Have…

A: Internal control means the ways of doing the business and kept a control over the activities of…

Q: You have been asked to write the Bank Reconciliation

A: Bank Reconciliation:- A bank reconciliation is that the method of matching the balances in an…

Q: The bank reconciliation can be used to control cash in a bank account. A) True B) False

A: Lets understand the basics. Bank reconciliation statement is a statement prepared to match cash…

Q: In order to verify the accuracy of the accounting records concerning its cash accounts a person…

A: Reconciliation statement is the statement which is used by the company in order to know and check…

Q: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

Q: Which of the following is not an essential cash receipt internal control? Multiple Choice   Have…

A: Internal controls are the controls implemented to ensure the efficiency in the operations of an…

Q: List two items often encountered in reconciling a bank state-ment that may cause cash per the bank…

A: Firm records every transaction in its cash book. Bank also open ledger account for that firm. The…

Q: Evaluate the effectiveness and state the shortcomings of thepreparation of a bank reconciliation by…

A: Given statement is: “When I reconcile the bank account, the first thing I do is review the sorted…

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: In reconciling a business' cash book with the bank statement, which of the following items could…

A: Bank reconciliation is performed to obtain the correct balance in the bank account.

Q: Which bank control protects against forgery? Which bank control reports what the bank did with the…

A: The answer is as fallows

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: Examine the cash receipts journal in the accounting system and compare the amounts received to the…

A: Audit procedure: Audit procedures represent all the methods and processes used by auditors to…

Q: Understanding bank account controls Answer the following questions about the controls in bank…

A: 1.Signature card is used to ensure that particular person is an authorized official towards signing…

Q: The bank reconciliation ? Please explain with full explanation.  a. should be prepared by an…

A: Following is the answer to given problem

Q: Cash control systems are the methods and procedures used to ensure --   a. That current obligations…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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: What is bank reconciliation? 2. What are credit memos and discuss the treatment in the preparation…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Part II Preparing the bank reconciliation is considered to be an important step in the internal…

A: Bank Reconciliation Statement is the statement which shows the differences between the bank balance…

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: A bank statement provided by the bank includes: Multiple Choice A list of outstanding checks. A list…

A: A bank statement  is consists of cash deposits and withdrawal  in a printed form

Q: two (2) adjustments required to reconcile the Cash Book with the Bank Statemen

A: The bank reconciliation statement shows the reconciliation of the bank statement to the cash account…

Q: he accounting clerk pays all obligations by pre numbered checks. What are the strengths and…

A: It was must obligatory in the internal control over the cash payments which are taken care of by the…

Q: a) An entity has to maintain its records property so that the business can run efficiently and that…

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

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

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: -What items/information are required to prepare a bank reconciliation? 2-What steps, in order of…

A: Bank Reconciliation Statement The purpose of providing the bank reconciliation statement to balance…

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.