FINANCE

uestion 1 of 20 Outstanding checks A. have been subtracted on the bank records but not the checkbook records. B. haven’t been presented to the bank for payment and haven’t been subtracted from the checkbook. C. haven’t been presented to the bank for payment but have been subtracted in the checkbook. D. have been returned to the business for nonpayment. Question 2 of 20 A restrictive endorsement on a check A. can be further endorsed by someone else. B. is the safest endorsement for businesses. C. permits the bank to use its best judgment. D. None of the above Question 3 of 20 Endorsing a check A. guarantees payment. B. transfers the right to deposit or transfer cash. C. cancels the transaction. D. All of the above Question 4 of 20 Checks that have been processed by the bank and are no longer negotiable are A. outstanding checks. B. canceled checks. C. checks in process. D. blank checks. Question 5 of 20 If the bank charged another company’s check against Shoe Depot’s account, this would be included on the bank reconciliation as a/an A. addition to the balance per books. B. subtraction from the balance per books. C. addition to the balance per bank. D. subtraction from the balance per bank. Question 6 of 20 The May bank statement for Accounting Services shows a balance of $6,300, but the balance per books shows a cash balance of $7,980. Other information includes the following: • A check for $200 to pay the electric bill was recorded on the books as $20. • Included on the bank statement was a note collected by the bank for $400 plus interest of $30. • Checks outstanding totaled $260. • Bank service charges were $50. • Deposits in transit were $2,140. The adjusted cash balance at the end of August should be A. $9,810. B. $7,620. C. $7,980. D. $8,180. Question 7 of 20 Advantages of online banking include A. convenience. B. transaction speed. C. effectiveness. D. All of the above Question 8 of 20 A bank service charge would be included on the bank reconciliation as a/an A. addition to the balance per books. B. subtraction from the balance per books. C. addition to the balance per bank. D. subtraction from the balance per bank. Question 9 of 20 How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance? A. They would be added to the balance of the bank statement. B. They would be subtracted from the balance of the bank statement. C. They would be added to the balance per books. D. They would be ignored. Question 10 of 20 Using the following information, determine the adjusted cash balance per bank for Santa’s Packaging on November 30. Cash balance on the bank statement $2,350 Customer’s check returned—NSF 500 Customer’s note collected by the bank 600 Deposits in transit, November 30 1,400 Outstanding checks, November 30 2,650 A. $1,250 B. $1,100 C. $1,550

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