Question 1

Outstanding checks:

Accepted Answer

A) Have been paid by the bank 
B) Are checks returned to the payor 
C) Are bank checks 
D) Have not been received by the bank for processing 
E) None of these 
A) Have been paid by the bank 
B) Are checks returned to the payor 
C) Are bank checks 
D) Have not been received by the bank for processing 
E) None of these

Question 2

From the following, prepare a bank reconciliation for Blue Co.:
Service charge $20
Checks outstanding $1,460
NSF $200
Deposits in transit $2,080
Checkbook balance $4,000
Bank balance $3,160

Accepted Answer

The answer of From the following, prepare a bank reconciliation...

Question 3

Outstanding checks have not reached the bank for processing by the time the bank statement has been prepared.

Accepted Answer

A) True 
 B)False

Question 4

Calculate the statement balance:

Accepted Answer

The answer of Calculate the statement balance:
  ...

Question 5

An unrecorded credit memo for collection of a note should be:

Accepted Answer

A) Ignored 
B) Subtracted from checkbook balance 
C) Added to checkbook balance 
D) Added to bank balance 
E) None of these 
A) Ignored 
B) Subtracted from checkbook balance 
C) Added to checkbook balance 
D) Added to bank balance 
E) None of these

Question 6

A full endorsement is as safe as the restrictive endorsement.

Accepted Answer

A) True 
 B)False

Question 7

On Dec. 31 the checkbook balance of Aster Co. was $1,241.05. The bank statement balance was $1,510. Checks outstanding were $3,052.03. The statement revealed a deposit in transit of $2,800.10 as well as a bank service charge of $12.03. The company earned interest income of $29.05. Complete a bank reconciliation for Aster Co.

Accepted Answer

The answer of On Dec. 31 the checkbook balance of...

Question 8

The use of smartphones in banking is decreasing.

Accepted Answer

A) True 
 B)False

Question 9

Deposits in transit are the result of outstanding checks.

Accepted Answer

A) True 
 B)False

Question 10

NSF results in a bank crediting one's account.

Accepted Answer

A) True 
 B)False

Question 11

An endorsement may be in writing or by the use of a company stamp.

Accepted Answer

A) True 
 B)False

Question 12

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

Accepted Answer

@#IMG-DLM& What is J

Question 13

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

Accepted Answer

A) Checks outstanding 
B) Bank audit 
C) Deposits in transit 
D) Bank reconciliation 
E) None of these 
A) Checks outstanding 
B) Bank audit 
C) Deposits in transit 
D) Bank reconciliation 
E) None of these

Question 14

On May 31, 200x, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance.

Accepted Answer

The answer of On May 31, 200x, Kane Company's bank...

Question 15

From the following, prepare a bank reconciliation for the J. Company:
Service charge $10
Checks outstanding $730
NSF $100
Deposits in transit $1,040
Checkbook balance $2,000
Bank balance $1,580

Accepted Answer

The answer of From the following, prepare a bank reconciliation...

Question 16

From the following the reconciled balance is:

Accepted Answer

A) $74,959.10 
B) $47,959.10 
C) $74,459.10 
D) $74,359.10 
E) None of these 
A) $74,959.10 
B) $47,959.10 
C) $74,459.10 
D) $74,359.10 
E) None of these

Question 17

Concord Pizza's checkbook balance is $782.50. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50; with checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

Accepted Answer

A) $793 
B) $1,027.59 
C) $2,046.35 
D) $2,071.35 
E) None of these 
A) $793 
B) $1,027.59 
C) $2,046.35 
D) $2,071.35 
E) None of these

Question 18

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Accepted Answer

The answer of Abe Frill received a bank statement from...

Question 19

Norm's concrete company had the following activity on its bank statement last month:

Accepted Answer

The answer of Norm's concrete company had the following activity...

Question 20

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88. Outstanding checks totaled $6,142.88. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:

Accepted Answer

A) $7,924.14 
B) $7,429.18 
C) $7,294.14 
D) $7,429.14 
E) None of these 
A) $7,924.14 
B) $7,429.18 
C) $7,294.14 
D) $7,429.14 
E) None of these

Outstanding checks:

From the following, prepare a bank reconciliation for Blue Co.: Service charge $20 Checks outstanding $1,460 NSF $200 Deposits in transit $2,080 Checkbook balance $4,000 Bank balance $3,160

Outstanding checks have not reached the bank for processing by the time the bank statement has been prepared.

Calculate the statement balance:

An unrecorded credit memo for collection of a note should be:

A full endorsement is as safe as the restrictive endorsement.

The use of smartphones in banking is decreasing.

Deposits in transit are the result of outstanding checks.

NSF results in a bank crediting one's account.

An endorsement may be in writing or by the use of a company stamp.

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

From the following, prepare a bank reconciliation for the J. Company: Service charge $10 Checks outstanding $730 NSF $100 Deposits in transit $1,040 Checkbook balance $2,000 Bank balance $1,580

From the following the reconciled balance is:

Concord Pizza's checkbook balance is $782.50. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50; with checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Norm's concrete company had the following activity on its bank statement last month:

Whole Number: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How to Approach to Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Appreciation

Inventory and Overhead

Sales Excise and Property Taxes

Life, Fire and Auto Insurance

Stocks, Bonds and Mutual Funds

Business Statistics

Filters

Exam 4: Banking

Outstanding checks:

From the following, prepare a bank reconciliation for Blue Co.: Service charge $20 Checks outstanding $1,460 NSF $200 Deposits in transit $2,080 Checkbook balance $4,000 Bank balance $3,160

Outstanding checks have not reached the bank for processing by the time the bank statement has been prepared.

Calculate the statement balance:

An unrecorded credit memo for collection of a note should be:

A full endorsement is as safe as the restrictive endorsement.

The use of smartphones in banking is decreasing.

Deposits in transit are the result of outstanding checks.

NSF results in a bank crediting one's account.

An endorsement may be in writing or by the use of a company stamp.

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

From the following, prepare a bank reconciliation for the J. Company: Service charge $10 Checks outstanding $730 NSF $100 Deposits in transit $1,040 Checkbook balance $2,000 Bank balance $1,580

From the following the reconciled balance is:

Concord Pizza's checkbook balance is $782.50. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50; with checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Norm's concrete company had the following activity on its bank statement last month:

Whole Number: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How to Approach to Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Appreciation

Inventory and Overhead

Sales Excise and Property Taxes

Life, Fire and Auto Insurance

Stocks, Bonds and Mutual Funds

Business Statistics

Filters