Which of the following bank reconciliation adjustments would result in an increase to the company's "book" side of the reconciliation? Bank Account Interest Earned Deposits in Transit Outstanding Checks Bank Errors

Which of the following bank reconciliation adjustments would result in an increase to the company's "book" side of the reconciliation? Bank Account Interest Earned Deposits in Transit Outstanding Checks Bank Errors

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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Which of the following bank reconciliation
adjustments would result in an increase to the
company's "book" side of the reconciliation?
Bank Account Interest Earned
Deposits in Transit
Outstanding Checks
Bank Errors

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Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
What is the purpose of the bank reconciliation?
Which of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checks
In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement. OTrue False
In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement. True False
Which of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks. b. Service fees. c. An error by the company. d. Checks outstanding.
Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation? a. Bank service charge b. Chargeback for NSF check c. Deposit in transit d. Bank interest
In the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balance
TRUE OR FALSE?Material overdraft in one bank must be deducted from the another bank's account that has a debit balance.
In a bank reconciliation, to adjust for a customer's NSF check requires: reducing the bank balance by the amount increasing the bank balance by the amount reducing the book balance by the amount increasing the book balance by the amount