6. Internal Controls and Reporting Cash

How do banks help businesses control cash?

Which report is primarily used to compare the cash balance per the company's records with the cash balance per the bank statement, identifying any differences between the two?

One of the most important internal controls for cash is the bank reconciliation. What is the primary purpose of preparing a bank reconciliation statement?

When should a bank reconciliation be prepared?

If a payment is directly deducted from your bank account but not yet recorded in your company's books, how should this be treated during the bank reconciliation process?

Daisy reads her bank statement and finds an error. She should:

Which of the following is NOT a step in reconciling a bank statement?

On a bank reconciliation, interest earned and received but not yet recorded by the company is:

Which document is primarily used to validate the bank and credit card account balances reported on a company's balance sheet?

When preparing a bank reconciliation, under which circumstance must you sign a deposit slip?

Which of the following best describes the process of balancing your account during a bank reconciliation?

Which of the following is a good reason to balance your checkbook during the bank reconciliation process?

Which of the following is typically included in a bank statement provided by the bank?

In which of the following scenarios would you record a bank deposit transaction in the accounting records?

Which of the following best describes a report of deposits, withdrawals, and bank balances sent to a depositor by a bank?