Which statement is incorrect? If the bank makes changes to the company's account, the company will...

Which statement is incorrect?

	If the bank makes changes to the company's account, the company will have to record transactions in the general ledger accounts to reflect these changes.
	Bank reconciliation is an activity to ensure that differences are not a result of errors, either by the bank or the company or by theft of funds.
	Bank reconciliation is used to determine the correct balance in all general ledger accounts.
	Bank reconciliation is a procedure used to determine the correct cash balance in an account by reconciling the activity recorded in the account with the activity recorded on the bank statement.

Solutions

Expert Solution

Option C is the answer

Bank reconciliation is a procedure of correct balance in bank account by comparing with that of bank statement. It deals with only bank and cash accounts. It doesn't deal with all general ledger accounts

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank...

Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or Credit...

When the bank reconciliation has differing amounts of the company cash account and the bank statement...

When the bank reconciliation has differing amounts of the company cash account and the bank statement what must you do

Which of the following statement regarding the limitations of the statement of financial position is incorrect.

Which of the following statement regarding the limitations of the statement of financial position is incorrect. All assets and liabilities are reported at fair value. Many items that are of financial value are omitted. Judgments are used in the valuation of many items. Estimates are used in the valuation of many items.

1. Items on Company's Bank Statement The following items may appear on a bank statement: 1....

1. Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or...

Which of the following statement is incorrect? a. An example of a perpetuity is the dividends...

Which of the following statement is incorrect? a. An example of a perpetuity is the dividends typically paid on a preferred stock issue. b. Most of the answers are correct. c. With an amortized loan, the equal amounts is paid off that include only the simple interest on the principal. d. Annuities in which the cash flows occur at the beginning of each of the specified time periods are known as annuities due. e. As the discount rate increases, the...

Which of the following is an INCORRECT statement relating to the behavior of gases?

Which of the following is an INCORRECT statement relating to the behavior of gases?A) When a gas is in contact with a liquid, the gas will dissolve the liquid in proportion to its partial pressure.B) The volume of a gas and the pressure on it are directly proportional. As pressure increases, volume increases.C) The lower the hemoglobin saturation with oxygen, the more carbon dioxide the blood can carry.D) Each gas in a mixture diffuses down its own concentration gradient independent...

Which of the following is an incorrect statement? a. LIBOR is a reference rate for a...

Which of the following is an incorrect statement? a. LIBOR is a reference rate for a wide range of international transactions b. Typically, corporate bonds pay semi-annual coupons over their lives c. Commercial papers are short-term unsecured debt securities d. Investors like to invest in bonds as generally their coupons increase when interest rates increase e. Limited liability means the most that shareholders can lose when a corporation fails is their original investment Which of the following is an incorrect...

The Brown Company bank statement for September 30, 2019 showed a balance of $1,681.50. The company's...

The Brown Company bank statement for September 30, 2019 showed a balance of $1,681.50. The company's cash account showed a $1,305.20 debit balance. The following information was also available. (a) A customer's cheque for $90 marked NSF was returned to Brown Company by the bank. The bank charged the company's account a $10 processing fee. (b) The September 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not...

Which statement is incorrect? Statement 1: The duration of a zero-coupon bond is the same as...

Which statement is incorrect? Statement 1: The duration of a zero-coupon bond is the same as its maturity. Statement 2: The longer a bond's duration, the greater its volatility. Statement 3: The duration of any bond is the same as its maturity. Group of answer choices Statement 3 Statement 1 None Statement 2

The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying...

The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, “I don’t have time.” You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, 2018, bank statement and the April ledger accounts for cash showed the following (summarized): Bank Statement Cheques Deposits Balance Balance, April 1, 2018 $ 34,000 Deposits during April $ 37,600 71,600 Notes collected for company (including $85 interest) 1,330 72,930 Cheques...

Subjects