Exam 5: Sarbanes-Oxley,internal Control,and Cash

In preparing a bank reconciliation,the amount of deposits in transit is deducted from the balance per depositor's records.

The bank statement for Marley Co.indicates a balance of $10,000.50 on June 30,2010. The cash account in the depositor's records had a balance of $4,677.10.Prepare a bank reconciliation on the basis of the following reconciling items:

The bank often informs the depositor of bank service charges by including a debit memorandum with the monthly bank statement.

A check drawn by a depositor for $295 in payment of a liability was recorded as $925.This item would be included on the bank reconciliation as a(n)

An element of internal control is

What adjustment is required in the depositor's accounts to record outstanding checks?

Which of the following is NOT defined as cash?

Which of the following would be added to the balance per books on a bank reconciliation?

A check for $456 was erroneously charged by the bank as $654.In order for the bank reconciliation to balance,you must deduct $198 from the bank statement balance.