Which of the following should be considered cash equivalents? Post-dated checks Money market with checking account privileges Certificates of deposit O Legally restricted compensating balances

Q: The following are the reasons for dissimilarity between balances in the bank statement and the cash…

A: Dissimilarity between bank statement and cash book occurs due to various factors like Dishonored…

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 one of the following statements related to the control of cash disbursement is true? Payment…

A: Internal control procedures are those controls framed and implemented by a business to safeguard its…

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

A: Cash controls:   Management must have a safety measure to protect all assets against possible…

Q: Use the following to answer questions 1 – 4 | Determine whether the firm reports each of the…

A: Lets understand the basics. Cash and cash equivalent is a item which is either cash or can be easily…

Q: Define cash equivalents, and explain methods of controlling cash, including bank reconciliations.

A: Solution- Cash equivalents are investments securities that are meant for short-term investing; they…

Q: Debate the logic used in the following statement: “The person responsible for handling cash receipts…

A: It may be true that the person responsible for handling cash receipts is more familiar with the…

Q: A minimum cash balance required by a bank is called a.a compensating balance b.an EFT c.cash in…

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

Q: Which one of these principles is considered for cash disbursement control: Select one: a. Rarely…

A: Cash disbursement control is a technique usually used for cash management that helps organizations…

Q: On a bank reconciliation. Deposit in transit is.....?

A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…

Q: What is the major purpose of an imprest petty cash fund? A. to effectively plan cash inflows and…

A: Imprest petty cash fund is cash balance with the petty cashiers for paying little business…

Q: Explain the treatment of certified check for bank reconciliation purposes

A: Solution A certified check is a check for which issuing bank guarantees the availability of cash in…

Q: Which of the following are characteristics of an effective control of cash disbursements? I.…

A: Solution: Following are the characteristics of an effective control of cash disbursements: I.…

Q: Which of the following are reported as liabilities on a bank’s balance sheet?   Group of answer…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

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: Cash in BDO Cash in BPI Cash equivalents Other current assets

A: ABS Company's as of 31.12.2021  Petty cash fund = 29000 Petty cash book fund shows original balance…

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: How can a proof of cash reveal unrecorded cash deposit and cash payment transactions?

A:

Q: What is the adjusted balance on the bank reconciliation? (See image of additional info)

A: Cash balance as per bank statement 12,175 Add: Deposits in transit 1800   13,975 Less:…

Q: Cash on the Balance Sheet does not include: Multiple Choice Cash in the bank, Petty cash. Short-term…

A: Cash is an asset that is reported as a current asset on balance sheet. Cash account refers to those…

Q: Which of the following items should be included in the Cash? O A. O B. Postdated checks and I.O.U.'s…

A: Cash and Cash equivalents are coins ,notes bill, cash at bank and any marketable security that can…

Q: . Which of the following is usually considered cash?    a. Certificates of deposit b. Checking…

A: Cash means cash on hand and demand deposits.

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: True (t) or False (f) ______ Certificates of deposit are usually classified as cash on the balance…

A: A certificate of deposit (CD) is referred as a savings account that holds a fixed amount of money…

Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: What is the adjusted balance of the petty cash fund? What is the correct amount of cash and cash…

A: Petty cash fund is maintained for small petty expenses in the business. Cash and cash equivalent are…

Q: Explain with figures why your company’s cash book balance will not agree with the bank statement…

A: Explain with figures why your company’s cash book balance will not agree with the bank statement…

Q: Explain book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

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: a.explain with figures why your company's cash book balance will not agree with the bank statement…

A: Cash book is the book that will be prepared and maintained by the management of the company. All the…

Q: QUESTION 1 a) Explain the reasons for the difference between the cash book and bank statement. b)…

A: Cash book is the book in which all the transactions of the business which involves cash is recorded.…

Q: Which of the following must be deducted from the bank statement balance in preparing a bank…

A: Bank reconciliation is important for better Internal control because it provides the clear picture…

Q: Which of the following would likely not be considered a Cash Equivalent? Savings account O Money…

A: Let us first understand the definition of : Cash Equivalent:- It is an extremely liquid investment…

Q: From page 4-4 of the VLN, in a bank reconciliation how is a NSF check treated? A. Add to the company…

A: Bank Reconciliation: It is a statement where the balance as per the cash book gets reconciled with…

Q: All of the following may be included in cash except   a. currency b. checking account balance c.…

A: Cash is defined as the checks, bills, bank balances and coins and it is also used for acquiring the…

Q: why is petty cash fund deducted in the book balance of the entity when making bank reconciliation?

A: A petty cash fund is a fund where some money is kept separately to pay for minor expenses such as…

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: 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: Which one of these principles is considered for cash disbursement control Select one: O a. Print…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Which one of the following documents is used in the control of cash receipts? a. Purchase…

A: Cash Receipts - Cash Receipts are the receipts which are the supporting document or evidence used by…

Q: In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a…

A: Bank Reconciliation Statement - Business firms record the transaction which help them to maintain…

Q: Identify transaction NOT belonging to Cash Equivalents O a. Bank Balance O b. Bank Overdraft O c.…

A: Cash equivalents are the items that are equivalent to cash means either thise are cash ready or…

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.