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- "Factoring" occurs when a business sells some of its accounts receivable to another insitution so it can receive cash immediately instead of having to wait until the receivables can be collected. True or FalseA payment system that uses computerized electronic impulses to affect a cash transaction is called electronic funds transfer (EFT). True False A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid. True False The party signing a check is called the drawee. True False the bank often informs the depositor f bank service charges by including a credit memorandum with the monthly bank statement. True False A signature card shows the signature of only the person who authorizes others in the company to sign checks. True False The payor is the party to whom payment us made. True False Bank customers are considered creditors of the bank, so the bank shows their accounts with credit balances on the bank’s records. True False Depositing all cash, checks, etc, in a bank and paying with checks is an internal control procedure over cash True FalseIn sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transfer
- Which of the following adjusts the bank's balance of cash in a bank reconciliation? (More than one may be correct.) Multiple correct question An error by the company Deposits in Transit Checks Outstanding Service fees NSF checks1. The disbursement cycle primarily focuses on the control of cash payments and does not involve other financial transactions, such as investments or loans. true or false 2. EFT (Electronic Funds Transfer) payments are processed and settled instantly, eliminating the risk of delays or float. true or falseBug-Off Exterminators CP 11 Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2015. Cash. Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum depreciation-Trucks Equipment Accum depreciation-Equipmenc Accounts payable. Estimated warranty liability. Unearned services revenue Interest payable Long-term notes payable D. Buggs. Capital.. D. Buggs. Withdrawals Extermination services revenue Interest revenue Sales (of merchandise) Cost of goods sold Depreciation expense--Trucks Depreciation expense-Equipment Wages expense Interest expense. Renc expense Bad debts expense Miscellaneous expense Repairs expense. Utilities expense Warranty expense Totals BUG-OFF EXTERMINATORS December 31, 2015 Unadjusted Trial Balance $ 17,000 4.000 11.700 32.000 45,000 10.000 46.300 0 0 35,000 0 0 $ 828 12.200…
- Which statement is true? A. Bank service charge will cause the cash balance per ledger to be higher than that reported by the bank, all other things being equal. B. Outstanding checks will cause the cash balance per ledger to be greater than the balance reported by the bank, all other things being equal C. An error made by the bank by charging an amount to the depositor's account requires a correcting entry in the depositor's own records D. The cash amount shown in the balance sheet must be the balance reported in the bank statement.a) Prepare an adjusted cash book for the month b) Prepare a bank reconciliation statement. c) Given your knowledge in bank reconciliation statement, do you think digital banking products like SMS alert and e-statements have rendered the use of bank reconciliation statement irrelevant? DiscussA voucher is an internal document or file: Multiple Choice Used as a substitute for an invoice if the supplier fails to send one. Used to prepare a bank reconciliation. Used to collect information needed to control cash payments and to ensure that transactions are properly recorded. Takes the place of a bank check. Used by large companies to control cash receipts.
- A bank reconciliation statement is a statements that is 券 Drawn up by the business to verify the cash book balance with the bank statement balance ODrawn up by the bank to verify the cash book O Sent by the bank when the business has made an error O Sent by the bank when the account is overdrawn.Which of the following are important elements of a cash disbursement control system? Note: Select all that apply. Check All That Apply All expenditures are authorized before a check is prepared. Checks are signed only by authorized Individuals. The bank-generated deposit slip should be compared with the check listing. The person opening the mall is not the person who maintains the accounting records. Unauthorized payments are prevented.Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.(please do not copy answers on the interenet, thank you)