A cash payment under a good control system will have. а. Too much amount Bank book balance b. Appointing different persons to authorize the payment and sign the cheques С. Too much amount book balance d. Maintaining minimum bank book balance
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- A cash payment under a good control system will have. a. Too much amount Bank book balance b. Appointing different persons to authorize the payment and sign the cheques c. Too much amount book balance d. Maintaining minimum bank book balanceA cash receipts under a good control system will have. a. Encourage receipt of money through cheque b. Keep minimum bank book balance c. Too much amount in Cash balance d. Too much amount in Bank balanceK Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) O A. no longer offer a record of payment, but they often pay interest. OB. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. O D. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) OA. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. OC. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OD. a loan, usually at no charge, that a…
- multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receiptsK Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) OA. no longer offer a record of payment, but they often pay interest. B. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. OD. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) O A. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. O C. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. D. a loan, usually at no charge, that a…a.explain with figures why your company's cash book balance will not agree with the bank statement balance b.discuss using figures how bank overdraft will affect the bank reconciliation statement c. describe how unpresented cheques and uncredited cheques contributes to the disagreement between cash and bank balance
- What is the normal balance for bank overdraft and why? Please don,t copy from google. Write correct answer.Which one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated chequeIf any amount is directly deposited into the bank then? A. Bank book will show double balance B. Cash book will show double balance C. Cash book will show less balance & bank book will show more D. Cash book will show more balance & bank book will show less
- PA7. LO 8.6 Identify where each of the following transactions would be found on the bank reconciliation. Transaction Increase to Decrease to Increase to Decrease to Bank Side Bank Side Book Side Book Side Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank chargesIdentify where each of the following transactions would be found on the bank reconciliation. Outstanding check [ Select] [ Select ] Decrease to Book Side Interest income Increase to Bank Side Decrease to Bank Side Increase to Book Side NFS check [ SelectT Wire transfer by customer [Select] Deposit in transit [ Select ] Bank charges [ Select] > > >Which of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest income