Question

In: Accounting

Which of the following can be done as part of the bank reconciliation process? Select all...

Which of the following can be done as part of the bank reconciliation process?
Select all that apply.

Select one or more:

A. You can open and edit transactions listed on the reconciliation screen.

B. Service charges and interest income not previously recorded can be entered.

C. Transactions dated subsequent to the bank statement ending date can be hidden from view.

D. New banking transactions (checks and deposits for example) can be entered.

Expert Solution

Bank reconciliation is done at a certain date between your balance as per cash book & bank balance as per bank statement.

There are numerous transaction due to which difference between balance as per book & balance as per bank statement occurs which are as follows -

(1.) bank charges which are imposed by bank.

(2.) Cheques which are yet to present in bank.

(3.) Any amount which are credited by bank but not debited by us.

(4.) Any other human error

Remember whatever we do we will do in our books.

now come at question, It is not a part of reco.as we can not edit any transaction which had been done in our books, we can make only a journal entry to reverse the effect of that transaction. so the option (A) is not correct.

Option (B) Yes It is a part of reconciliation statement, at the end of month/week/or any period when reconciliation needs to be done, there are such charges which are imposed by the bank like NEFT/RTGS/DD charges & interest income, which are yet to be entered in our books.

option (C) yes it can be hidden from view because reconciliation is done for a certain date like month end (as on 30/31st). If in bank statement the transaction is coming beyond the required date we can hide it.

The only thing which we keep in mind that at a required/reco. date balance as per book & balance as per bank should come equal.

No It is not a part of reco. as New banking transaction can not be entered during bank reconciliation process soOption (D) should not be correct.

so as per my view option B & C should be correct.

Please check with your answer and let me know.

ekkarill92 answered 10 months ago

Conducting a Bank Reconciliation Note: Part 1 is the bank reconciliation itself and Part 2 is...

Conducting a Bank Reconciliation Note: Part 1 is the bank reconciliation itself and Part 2 is for the adjusting entries. Instructions: Using the information below, complete the bank reconciliation for both the "book" and the "bank" sides and create all necessary adjusting journal entries. Details: Cash balance per company's records as of July 31st was $66,955. Bank statement balance as of July 31st was $15,875. A deposit in the amount of $52,000 was deposited into the night depository of the...

Which of the following is a reconciling item on the bank side of a bank reconciliation?...

Which of the following is a reconciling item on the bank side of a bank reconciliation? 1. Cancelled cheques 2. Outstanding cheques 3. both outstanding cheques and NSF cheques 4. NSF cheques A cheque returned by a bank because the issuer's cash account balance could not cover the cheque is called: 1. a blank cheque 2. a certified cheque 3. a NSF cheque 4. an outstanding cheque On 1 January, Bochao Properties establishes a petty cash fund for $200. On...

(Select all that apply) Which of the following are part of the composition of an amino...

(Select all that apply) Which of the following are part of the composition of an amino acid molecules? carboxyl group amino group reactive group Hydrogen Proteins are amino acid chains that are linked via ________bonds.

A subquery can select which of the following in MySQL? (Select all that apply) • A...

A subquery can select which of the following in MySQL? (Select all that apply) • A single row and a single column • Multiple rows with a single column • Mutiple rows and multiple colmns • A single row with multiple columns

Select the appropriate term associated with a bank reconciliation for each of the following descriptions. Descriptions...

Select the appropriate term associated with a bank reconciliation for each of the following descriptions. Descriptions Terms a. Cash receipts received by the company but not yet recorded by the bank. b. Fees imposed by the bank to the company for providing routine services. c. Checks written to the company that are returned by the bank as not having adequate funds. d. Checks written by the company but not yet recorded by the bank. e. Money earned on the average...

Which of the following is a possible reason for a bank reconciliation discrepancy? A. The beginning...

Which of the following is a possible reason for a bank reconciliation discrepancy? A. The beginning balance calculated by QuickBooks doesn’t match last month’s ending balance B. A client deleted a reconciled transaction from last month C. You didn’t record cheques in QuickBooks that are dated after the bank statement date D. The QuickBooks balance will never match the bank’s balance Name the sections of the Balance Sheet. A. Assets, Income, and Expenses B. Asset, Liabilities, and Equity C. Income,...

Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for...

Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31: The balance on the May 31 bank statement is $8,432.11. Not included on the bank statement is a $1,250 deposit made by Calico Corners late on May 31. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No. 123 $23.40 No. 127 145.00...

Classifying bank reconciliation items The following items could appear on a bank reconciliation:

Question Classifying bank reconciliation items The following items could appear on a bank reconciliation:a. Outstanding checks, $670.b. Deposits in transit, $1,500.c. NSF check from customer, no. 548, for $175.d. Bank collection of note receivable of $800, and interest of $80.e. Interest earned on bank balance, $20.f. Service charge, $10.g. The business credited Cash for $200. The correct amount was $2,000.h. The bank incorrectly decreased the business’s account by $350 for a check written by another business.Classify each item as (1)...

Bank Reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank...

Bank Reconciliation The following bank reconciliation was prepared as of June 30, 20Y7: Poway Co. Bank Reconciliation For the Month Ended June 30, 20Y7 Cash balance according to bank statement $16,185 Adjustments: Outstanding Check No.1067 $575 Outstanding Check No.1106 470 Outstanding Check No.1110 1,050 Outstanding Check No.1113 910 Deposit of June 30 not recorded by bank (6,600) Total adjustments (3,595) Adjusted balance $12,590 Cash balance according to company’s records $8,985 Adjustments: Proceeds of note collected by bank: Face value $6,000...

In which of the following situations can multiple regression be performed? Select all that apply. Select...

In which of the following situations can multiple regression be performed? Select all that apply. Select all that apply: predicting next year's salary of a free-agent baseball player, given the player's previous season's salary and the player's age predicting the price of a book, in dollars, given the number of pages predicting a 40-year-old man's height, in centimeters, given his shoe size and his weight, in kilograms predicting the grade of a research paper (out of 100 points), given the...