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Related QuestionOutstanding checks refer to checks that have been: Multiple Choice Held as blank checks. Written, recorded on the company books, sent to the payee, but not yet paid by the bank. Issued by the bank. Written, recorded, sent to payees, and received and paid by the bank. Written and not yet recorded in the company books. Recommended textbooks for you  College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Principles of Accounting Volume 1 ISBN:9781947172685 Author:OpenStax Publisher:OpenStax College Intermediate Accounting: Reporting And Analysis ISBN:9781337788281 Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach Publisher:Cengage Learning Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Accounting (Text Only) ISBN:9781285743615 Author:Carl Warren, James M. 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Publisher:Cengage Learning, If the cash balance shown on the entity is accounting records is less than the correct each balance and neither the entity now the bank has made any errors, there must be a. Outstanding checks b. Bank changes not yet recorded by entity c. Deposits credited by bank but now yet recorded by entity d. Deposits in transit Q: Which of the following would NOT be classified as cash? a. Company's post-dated checks b.… A: Solution: "Company's post-dated checks" would NOT be classified as cash. Q: Which of the following would NOT be classified as cash? a. Company's post-dated checks b.… A: Cash is the current asset which is in the form of money or it is something equivalent to money. It… Q: Which of the following items must be deducted to the balance per ledger in preparing a bank… A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction… Q: Another way to describe account reconciliation is bank reconciliation—the process of bringing the… A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is… Q: Which of the following must be deducted from the bank statement balance in preparing a bank… A: Bank reconciliation is important for better Internal control because it provides the clear picture… Q: On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice… A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with… Q: Which of the following is a bank account from which a company transfers funds from a master account… A: The banks require funds for the settlements of the accounts, cheques clearance, and other payments.… Q: In the reconciliation of a bank statement, "deposits in transit" should be: a. added to the… A: A DEPOSITS IN TRANSIT IS A DEPOSIT THAT HAS BEEN SUBMITTED TO THE BANK BUT BANK HAS NOT RECORDED IT… Q: In the reconciliation of a bank statement, "deposits in transit" should be: a. added to the… A: Deposits in transit are the amount of cash that has been deposited by the business but has not been… Q: In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance… A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from… Q: . Which form of bank reconciliations statement is prepared by most of the companies? a. Reconciles… A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with… Q: The following are the reasons for dissimilarity between balances in the bank statement and the cash… A: Dissimilarity between bank statement and cash book occurs due to various factors like Dishonored… Q: For which of the following errors would the appropriate amount be subtracted from the balance per… A: Bank reconciliation is the reconciliation of the Balance as per the books and Balance as per the… Q: Which of the following reconciling items may not result from bank side reccords of a bank account?… A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank… Q: 5. If the cash balance shown on a company’s accounting records is less than the correct cash balance… A: Cash balance is less than the correct cash balance means, some cash needs to be added to the cash… Q: The bank balance in the cash book and that of the bank statement may disgrace because of… A: Bank Reconciliation Statement is a statement is prepared to correct the balance between cash balance… Q: The bank balance in the cash book and that of the bank statement may disgrace because of… A: Bank Reconcilation Statement The statement reconciling bank book and bank statement is called Bank… Q: The bank balance in the cash book and that of the bank statement may disgrace because of… A: The above statement is absolutely true. The bank balance in the cash book and that of the bank… Q: The bank balance in the cash book and that of the bank statement may disgrace because of… A: Bank reconciliation statement prepares to analyze the cause of difference between cash book and bank… Q: The bank balance in the cash book and that of the bank statement may disgrace because of… A: Since two copies are never identical, two record keeping accounts can never be the same. There lie… Q: The bank balance in the cash book and that of the bank statement may disgrace because of… A: Bank balance in cash book means balance shown in books of the company as cash balance. Bank… Q: Which of the following statement is incorrect regarding Cash and Cash Equivalents? a. Postage… A: Cash and Cash Equivalent - It refers to the various value of company's assets which are can be… Q: When preparing a bank reconciliation, adjustments are made to the bank side and not the ledger… A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or… Q: On a ban reconcialiation, customer's checks that are returned for lack of funds would be a.… A: PLEASE LIKE THE ANSWER CORRECT ANSWER IS "a" i.e., deducted from the balance per company records Q: Why may there be a difference between the bank statement ending cash balance and the ending balance… A: Timing differences: When accounting records are maintained by both bank and business, time interval… Q: Which of the following items would normally be EXCLUDED from the amount to be reported as cash on a… A: Statement of financial position is the one on which the company's assets and liabilities are… Q: Discuss how Unpresented Cheque and Uncredited Cheque contributes to the disagreement between cash… A: A bank reconciliation statement is prepared by the company to match the balance as per the bank… Q: Identify each of the following reconciling items as: an addition to the cash balance according to… A: Click to see the answer Q: Which of the following statements is false with regard to a Cash Receipts Journal?: All receipts… A: Step 1 Cash receipts journal is the book where all the cash receipts are recorded whatsoever source… Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming… A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with… Q: The explanation of the differences between the cash account balance according to the company’s book… A: The question is multiple choice question. Required Choose the Correct Option. Q: Preparing the bank recociliation is consifered to be an important step in interna; control process… A: Bank reconciliation refers to the process of reconciling the balances of the accounting records of… Q: Which of the following is/are reasons for differences in cash book and bank statements? a. All the… A: Introduction: Bank Reconciliation statement: To reconcile the difference between bank book and cash… Q: Why don’t the additions and deductions from the bank balance on a bank reconciliation require… A: Since you have asked multiple question, we will solve the first question for you. If youwant any… Q: The balance of Cash is likely to differ from the bank statement balance. What two factors are likely… A: Bank Statement: A report or summary that records financial transactions of deposits and withdrawals… Q: Under International Financial Reporting Standards (IFRS) the cash-basis of accounting requires… A: Since we answer only one question, we will answer the first question. Please resubmit the question.… Q: If a check correctly written and paid by the bank for $649 is incorrectly recorded on the company's… A: Since you have asked multiple questions, we will solve the first question for you. If you want any… Q: If a check correctly written ind paid by the bank for $428 , and incorrectly recorded on the… A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with… Q: Cash presents special internal control challenges. How do internal controls for cash differ for… A: As international Accounting Standards are issued by International Accounting Standards Committee… Q: Evaluate the effectiveness and state the shortcomings of thepreparation of a bank reconciliation by… A: Given statement is: “When I reconcile the bank account, the first thing I do is review the sorted… Q: Which of the following is true? a. The cash disbursement function is part of accounts payable. b.… A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you College Accounting, Chapters 1-27 ISBN:9781337794756 Author:HEINTZ, James A. Publisher:Cengage Learning, Principles of Accounting Volume 1 ISBN:9781947172685 Author:OpenStax Publisher:OpenStax College Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Survey of Accounting (Accounting I) ISBN:9781305961883 Author:Carl Warren Publisher:Cengage Learning College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning College Accounting, Chapters 1-27 ISBN:9781337794756 Author:HEINTZ, James A. Publisher:Cengage Learning, Principles of Accounting Volume 1 ISBN:9781947172685 Author:OpenStax Publisher:OpenStax College Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Survey of Accounting (Accounting I) ISBN:9781305961883 Author:Carl Warren Publisher:Cengage Learning College Accounting (Book Only): A Career Approach ISBN:9781337280570 Author:Scott, Cathy J. Publisher:South-Western College Pub Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning What is the possible reason if the balance shown on an entity's bank statement less than the correct cash balance and neither the entity nor the bank has any errors?Error, fraud, and timing issues are all reasons that the cash balance per the bank statement and the cash balance per the books may vary. This creates the need for a bank reconciliation where a company accountant compares the two balances and accounts for any differences between the two.
What would result in a cash book balance being lower than the balance showing on a bank statement?Also interest on loans or overdraft will be debited by the bank directly which is not recorded in the cash book.As a result, the balance as per the bank passbook would be less than the one shown in the cash book.
What are the common causes of discrepancy in cash balances?There are several reasons for this difference, which are as follows:. Outstanding checks. The company has issued checks that have not yet been presented to the bank for payment. ... . Deposits in transit. ... . Interest on deposited cash. ... . Bank service fees. ... . Check printing charges. ... . Bank error. ... . Company error.. What is the reason for difference in balance shown in the cash book when compared to the bank statement supplied by the bank?Some of the reasons for a difference between the balance on the bank statement and the balance on the books include: Outstanding checks. Deposits in transit. Bank service charges and check printing charges.
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If the cash balance shown in the accounting records is less than the correct cash balance
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