Question : 81. A bank statement A. is a credit reference letter written by the : 1247170

 

81. A bank statement 
A. is a credit reference letter written by the company’s bank.
B. lets a company know the financial position of the bank as of a certain date.
C. is a bill from the bank for services rendered.
D. shows the activity that increased or decreased the company’s account balance.

82. Which one of the following would not cause a bank to debit a company’s account? 
A. Bank service charge
B. Collection of a note receivable
C. Checks marked NSF
D. Wiring of funds to other locations

83. There are three parties to a check.  The drawer is 
A. a written document signed by the company
B. is the one who signs the check ordering payment by the bank
C. the bank on which the check is drawn
D. the party to whom payment is to be made

84. A debit or credit memo describing entries in the company’s bank account may be enclosed with the bank statement.  An example of a credit memo is  
A. deposited checks returned for insufficient funds
B. a promissory note left for collection
C. a service charge
D. notification that a customer’s check for $375 was recorded by the company as $735 on the deposit ticket

85. Following the completion of the bank reconciliation, an adjusting entry was made that debited cash and credited Interest Revenue. Therefore the bank reconciliation must have included an item that was  
A. deducted from the balance per company’s records
B. deducted from the balance per bank statement
C. added to the balance per bank statement
D. added to the balance per company’s records

86. A person authorized to write checks drawn on a checking account at a bank must sign and have on file with the bank a  
A. signature card
B. deposit ticket
C. checkbook
D. bank card

87. A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720.  This item would be included on the bank reconciliation as a(n)  
A. addition to the balance per the company’s records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. deduction from the balance per the company’s records

88. A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. What entry is required in the company’s accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

89. A bank reconciliation should be prepared periodically because  
A. the company’s records and the bank’s records are in agreement
B. the bank has not recorded all of its transactions
C. any differences between the company’s records and the bank’s records should be determined, and any errors made by either party should be discovered and corrected
D. the bank must make sure that its records are correct

90. The bank reconciliation  
A. should be prepared by an employee who records cash transactions
B. is part of the internal control system
C. is for information purposes only
D. is sent to the bank for verification

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more