Multiple Choice
Which of the following actions should be taken when a check is returned from the bank for non-sufficient funds (NSF)?
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6. Internal Controls and Reporting Cash
Bank Reconciliation
Back6. Internal Controls and Reporting Cash
Bank Reconciliation
- Multiple ChoiceWhich of the following strategies is the best way to avoid paying extra fees to a bank?65views
- Multiple ChoiceWhy is it important to review your checking account statement regularly, and what fees might this help you avoid?89views
- Multiple ChoiceIn the context of bank reconciliation, in which account would you expect to see payments received but not yet deposited?64views
- Multiple ChoiceWhich of the following is NOT a way to avoid an overdraft charge during the bank reconciliation process?65views
- Multiple ChoiceWhich of the following is an advantage of using automatic withdrawal to pay bills?58views
- Multiple ChoiceWhich of the following items typically appear on the bank side of a bank reconciliation?75views
- Multiple ChoiceWhich of the following would appear as a credit memorandum on the bank statement?59views
- Multiple ChoiceWhy might you not be able to immediately use funds from a check that you just deposited into your checking account?79views
- Multiple ChoiceWhat is the last step in reconciling a checking account?71views
- Multiple ChoiceWhich of the following is shown as an addition to the bank balance on a bank reconciliation?62views
- Open Question
A company has a current balance in its Cash account of \$3,400. The bank statement arrived showing a bank balance of \$5,900. Prepare the cash reconciliation noting the following events:
• Deposits in transit total \$600
• EFT receipt of dividend revenue of \$900
• Bank error:the bank deducted \$100 for a check written by another company.
• Service charge \$20
• NSF check from a customer \$50
• Book error:Company Check no. 333 was recorded for \$510. The actual amount paid on account was \$150.
• Outstanding checks total \$2,010
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