Is notice requirement required before filing a case in escheat proceedings for unclaimed balances?    Topic: Banking Laws - Unclaimed Balances

Q: efly explain about Basic Concepts of the Bank's Financial Statements.

A: Financial statements (or financial reports) are formal records of a business, individual, or other…

Q: Which of the following should be recorded in Accounts Receivable? Select the correct response:…

A: Accounts Receivable (AR) seem to be the revenues or payments received by the firm from consumers who…

Q: Which of the following is not a Money Market Instrument? a. Commercial Paper b. Debentures c.…

A: Money market is related to short term debt instruments and not long term debt instruments.

Q: On a bank reconciliation, the adjusting entry to record collection of notes should be: dehit te

A: Notes recievable are claims against debt. These include a written promise made to pay money at some…

Q: How will the following items affect the pass book balance?  Direct payment by customer into the…

A: Pass book: A pass book issued by bank to its customers for the transactions carried out with bank…

Q: o meet immediate cash needs of the business b. To create an additional guarantee of collection c. To…

A: Factoring is a kind of financial transaction whereby the owner of the firm sells their receivables…

Q: What is the use of a bank reconciliation statement

A: BRS refers to bank reconciliation statement. It is a statement prepared by various organisations or…

Q: After preparing a bank reconciliation, what adjustments does the company need to make to its…

A:

Q: Which of the following pieces of information would you not expect a potential credit customer to…

A: A potential credit customer is the customer to the lender of the money who has willingness to get…

Q: If a company has accounts receivable from ordinary customers and from related parties, can they…

A: International Financial Reporting Standards are known as the accounting standards which is issued by…

Q: How does accounting for uncollectible accounts affect the amount reported for net accounts…

A: Uncollectible accounts refer to that portion of credit sales which the company does not expect to…

Q: 3. Should a note receivable from a related party be included in the balance sheet with notes…

A: Balance sheet:   Balance sheet is a summary of assets, liabilities, and equity account that reports…

Q: Which one of the following statements is false? a. Consumer loans are loans banks advance to…

A: Solution:- Loans means the advances made by the bank to the customers, while deposits means the…

Q: For what items may a lender require escrow accounts from a borrower?

A: Escrow account is the third party account in which securities or assets are kept until the…

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: describe the structure of a bank bill. In your explanation, clearly distinguish the roles of the…

A: Introduction: An invoice of barter is a criminal assumption that binds one party to pay another a…

Q: How does the FASB codification ASC 310-10-05-4 apply to banks and their accounting transactions? If…

A: The FASB codification 310-10-05-4 deals with the receivables during the year. receivable may arise…

Q: Which one of the following would not appear on a bank statement for a chequing account? a.Deposits…

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

Q: What is the basic obligation of a depositary bank to its depositor

A: Depositor means a person who deposits money into the bank for the purpose of savings. Depositary…

Q: Which adjustments need to be recorded in the accounting records? Those that affected the bank…

A: Introduction: All the paperwork and books used to create financial statements or records necessary…

Q: Singletary Associates has accounts receivable due from normal credit customers and also has an…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Prepare the Bank Reconciliation Statement using Adjusted Balance Method

A: Adjsuted bank book of the company Particulars Amount Balance as per Company’s books 967…

Q: Which of the following items is not classified as an asset?  Accounts receivable Accounts payable…

A: Assets: a. Based on convertibility  :  current assets , Non current assets . b. Based on physical…

Q: Explain accounting issues related to disposition of accounts and notes receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Technically, a bank can require depositors to give prior notice before they withdraw funds from time…

A: Time deposits are deposits in the a bank which has fixed time of maturity. For this deposits,…

Q: When an entity's bank account in the general ledger has a credit balance, this means that the entity…

A: Normally all assets of the business have debit balance and all liabiliites have credit balance.…

Q: Which of the following accounts will not be used in case a security is discounted or collected to…

A: The bank will provide a facility for short-term loans by taking the accounts or notes receivables of…

Q: Would a bank service charge be added to or subtracted from the company's books or the bank statement…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: When do businesses record warranty expense, and why?

A: Warranty:  It is an agreement made by the company to provide guarantee against the defects in the…

Q: Why does a bank credit a customer's account when the customer makes a deposit and debit the account…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Discounting is a transfer or endorsement of a promissory note by the payee in favor of another party…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: What are the three approaches in preparing bank statement

A: Answer: As per Q/A guidelines, only first question is to be answered. Please repost Q 2 to be…

Q: When do businesses record warranty expenses, and why?

A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…

Q: Which field typically appears in the Bank Register but not usually in reports?

A: QuickBooks is accounting software used by small and medium-sized businesses to get good accounting…

Q: What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Factoring…

Q: A checking account is: OPTIONS: an asset to a commercial bank. a liability to a commercial bank. an…

A: A checking is a bank saving account which is opened with a commercial bank by a customer. He can…

Q: What item on the bank statement that may differ from the company's financial records.      NSF…

A: The bank  reconciliation statement is prepared to match the balance of Cash in bank statement and…

Q: What are the criteria for determining whether a sale of receivables has occurred?

A: Receivables: Receivables refer to an amount to be received in future. General classifications of…

Q: What occurs when a business pledges its receivables?

A:

Q: ould be recorded using the Bank Deposit form?

A: Transaction types should be recorded using the Bank Deposit form are :  A. Cash received from loans.…

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.