Only a little more important than direct finance in the United States C. Much more important than direct finance through stock and bond markets D. The same thing as finance through stock and Review the items below and determine which would cause an increase in the monthly bank statement balance. Which of the following is not a requirement or result of the Sarbanes-Oxley Act of 2002? 12. The cash in a cash register equaled $100, but the record of cash receipts/sales equaled $102. WebStudy with Quizlet and memorize flashcards containing terms like opportunity cost of funds, perpetuity, time value of money and more. A requirement by some banks requiring depositors to maintain minimum cash balances in their bank accounts. When cash is received by mail, a list should be prepared with copies sent to all of the following: Identify which of the items below are goals of good cash management. The Cash account will be debited for $105. She starts to save $850 every year and plans to renovate her kitchen. They estimated that $200 would be needed in the fund. **9. True False, Extremely low interest rates favor investors and boost the incentive to Technologically advanced systems can record who made entries, the date and time of the entry and the source of the entry. Note collected by the bank on behalf of the depositor - 80 Monthly bank charges - 40 Outstanding checks - 50 A. Employer payments made directly to employees in lieu of health insurance coverage are taxable wages. 86 terms. If something happened to cause savers to lose faith in the safety of banks, what might happen to the economy? At the end of the month, Brown Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. **15. The fund was initially established with $100. Determine which of the statements below describes a petty cash receipt. Determine which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. WorldCom Inc. was one of the largest companies to file for bankruptcy. ), A cash register tape reflected total sales equaling $100, but the cash in the cash register drawer equaled $105. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following statements is true? The following employees of Memory Bytes of Titusville, Washington, are paid in different frequencies. Choose the items below that would be subtracted from the book balance on a bank reconciliation. ", Choose all statements that describe a "credit union." Describe what an invoice approval is by selecting the correct answer below. Human ______________ (error/fraud) involves intent to defeat internal controls for personal gain. Both pay the same interest rate on the minimum deposit. It is an asset reported on the balance sheet. (Check all that apply. Expenses usually have the word "expense" in the account title. Which of these is a minimum cash account balance that is required by a bank? amount needed to bring the petty cash fund back to its established amount. Cash is debited for $70 and Petty Cash is credited for $70. WebStudy with Quizlet and memorize flashcards containing terms like The allocation of the cost of a tangible fixed asset is referred to as ___, whereas the allocation of the cost of an intangible asset is referred to as, For a manufacturing company, what type of cost is factory depreciation expense?, Service life Allocation method Allocation base and more. **1. **8. He contributes 3 percent of his pay to a 401(k) and has $25 per paycheck deducted for a Section 125 plan. $\frac{d y}{d x}+\frac{y}{x+1}=x ; y=0$ when $x=3$. The electronic transfer of cash from one party to another is called electronic _____ transfer. (Check all that apply.). -The Cash account will be debited for $105, Jackson Brothers decided to create a petty cash fund. At the end of the month, Brown Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. Post the adjustments to the T-accounts, entering each adjustment by letter. Financial institutions loan funds at a ________ they pay depositors. Milligan's Millworks pays its employees on a weekly basis. B) Your total banking expenses are likely to be lower. Cash. b. Identify the item below that would be added to the book balance. How many checks would Lorenzo need to write each month to make Suny Bank cheaper to use than Merchants? \text{Prepaid rent}&&\text{3,000}\\ Jackson Brothers decided to create a petty cash fund. Ashe, an employer, has made timely deposits of FICA taxes and withheld income taxes during the first quarter of 2018. The information on the bank statement reflects the bank's records of the depositor's account. A risk-free rate is a return on an investment that is guaranteed for a specified period. The term structure is often based on rates of return or yields offered by ________ which are ________ issued by the U.S. Treasury with different maturities. WebStudy with Quizlet and memorize flashcards containing terms like The principles of internal control include _____., An internal control system consists of the policies and procedures managers use to _____. ** Collected the amount due from the credit card company. \text{Merchandise inventory (23 @ \$280)}&&\text{6,440}\\ What is implied by learning by *analytical reasoning*. \begin{array}{lrr} The bank notifies the depositor of each deduction to the account with a debit memorandum. Multiple choice question. \end{array} During December, Job Nos. \text{Accounts receivable}&&\text{21,390}\\ ), Small Orange Fine Foods is a specialty grocery store. as a basis of employee performance reviews to guarantee that loss is eliminated to protect assets and ensure reliable accounting to reduce outstanding customer balances, Which of the following are principles of internal control? A. \end{array}\\ Write as numerals. Identify the basic internal control guidelines which should be in place to protect a business's cash by selecting the correct answers below. **Required** Review the following statements and select the ones which accurately describe a Petty Cash fund. Following the success of a special project, Kelly Burton, the owner, pays each of the 250 employees a $20,000 bonus on August 16, 2017. Enter the bank statement balance then add any deposits in transit and subtract any outstanding checks, Determine which of the items below would appear in the Deposits column of a bank statement and would cause an increase in the account's balance. A ________ is a check that is written on behalf of an individual and will be charged against a large well-known financial institution or credit card sponsor's account. Review the following statements regarding a petty cash fund used in a business. 82 terms. Show your understanding of what a bank reconciliation is by completing the following sentence. A person who has access to an asset must _____ access to that asset's accounting records. Find the gas mileage for each trip. Responsibility for a task should be clearly established and assigned to: Good recordkeeping helps protect assets and helps managers: Which statement below describes the internal control procedure of insuring assets and bonding key employees? Describe why a probabilistic model is more appropriate than a deterministic model. Daniel F Viele, David H Marshall, Wayne W McManus, Managerial Accounting: Creating Value in a Dynamic Business Environment, In Exercises $13$ through $24$, find the particular solution of the given differential equation that satisfies the specified condition. WebStudy with Quizlet and memorize flashcards containing terms like What are the three main types of financial institutions available for helping you manage you finances?, Choose all statements that describe a "bank. Unlimited (i.e. Calculates employee net pay, generates paychecks, completes and files monthly, quarterly, and annual payroll tax forms. Determine which of the following entries is correct to record cash sales and the shortage. NSF check, Deposit in transit, interest paid by bank. Introductory high interest rates paid by financial institutions for new accounts are usually a good deal and you should therefore take advantage of them without question. The fund was initially established with $100. A. **19. Glen is married with eight withholding allowances and is paid $50,000 per year. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. Choose the items below that would be added to the book balance on a bank reconciliation. **5. Your adjusted checkbook balance after considering these items is. Demonstrate the journal entry to replenish the account by choosing the correct actions from those below. The interest rate is composed of the ________ and the ________. \text{Equipment}&&\text{9,000}\\ The bank determines it incorrectly charged the depositor's account twice for the monthly service charge in a previous month. 4. $50,000 B. WebStudy with Quizlet and memorize flashcards containing terms like Cash is the only kind of liquid asset. \text{Cash}&\$1,200\\ \text{Supplies Expense}\\ Child Psych - Exam 2. These jobs had combined direct materials costs of $9,750 and direct labor costs of$15,000. 7 [October 2006], pp. decedent's debts IRS lens mortgage liens corporate franchise liens, The millage breakout for ad valorem (Round your answers for "SUTA Due" to 2 decimal places. Review the statements below to determine the correct definition of a credit memorandum. true. After observing a number of workers assembling similar devices, she guesses that the standard deviation is 6 minutes. Manufacturing overhead was $1,470 underapplied in December. The Act that allows banks to transmit electronic images of checks, thus allowing funds to be transferred immediately is known as. B) All banks offer the same rates on CDs. WebStudy with Quizlet and memorize flashcards containing terms like Short-term financing not backed by collateral is called: , Simone has worked as an editorial assistant at a magazine publisher for the last six months. 611-613.). Noncash items given to household employees by their employers are subject to FICA tax. However, Walmart does sell recovered (and new) pallets online. Describe what a petty cash fund is by completing the following sentence. A purchase order is a document the purchasing department uses to place an order with a vendor. True or false: The adjusted book balance and the adjusted bank balance must equal each other on a bank reconciliation; otherwise, the cash account is not reconciled. Web1. ), Determine which of the items below would appear in the Deposits and Credits column of a bank statement and would cause an increase in the account's balance. A monthly depositor's employment taxes total $3,800 on Wednesday, March 31, 20--, the end of the calendar quarter. Determine which of the actions below would result in a shortage or an overage in the petty cash fund. C) One two-year CD returning $180 interest. A. A. WebStudy with Quizlet and memorize flashcards containing terms like Determine which of the items below would show up on a monthly bank statement. $$, *Find the family of all antiderivatives of each derivative. Johnson should pay its taxes by the following Wednesday. It started out with $100 in the fund at the beginning of the month. guarantee the company will make a profit. At the end of the month, ABC Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $44. (Check all that apply. The bank reconciliation of XYZ Co. is provided below. Which of the answers below correctly describe the Cash Over and Short account? Debit Bank Service Charge Expense $60 and credit Cash $60. WebStudy with Quizlet and memorize flashcards containing terms like opportunity cost of funds, perpetuity, time value of money and more. the depositor can use a check. Identify the principles of internal control by selecting the correct answers below. The operations manager of a large production plant would like to estimate the average amount of time workers take to assemble a new electronic component. Check. A ________ is a check that is written on behalf of a person to a specific payee and will be charged against a financial institution's account. mam90. The control environment, risk assessment, control activities, information and communication, and monitoring. Merchants Bank also requires a minimum deposit of $100, charges no monthly fee, but a per check charge of 15 cents. Internal control policies and procedures have limitations that arise from many elements. (Check all that apply.). **18. **16. ), Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. First National requires a $100 minimum deposit and charges 15 cents per check. **13. (c) Indicate the amount pertaining to each letter. Which statement below explains why liquid assets are needed in a business? The unemployment tax rate is 4.5 percent. (A full year's depreciation was taken in 2018, the year of acquisition.) Cash equivalents include short term investments within, Which of the answers below correctly describe the Cash Over and Short account? jimmy_nguyen713. GL Kennels has employees with pay schedules that vary based on job classification. Application for Employer Identification Number (EIN), Depositor with More than $50,000 in employment taxes in the lookback period, 4. ($14,000 of salaries is subject to this tax.) The information on the bank statement reflects the bank's records of the depositor's account. (Check all that apply.). $$ **25. When a consumer deposits a check that bounces, banks sometimes charge a fee to the depositor, usually in the range of $10 to $19. Multiple choice question. The bank determines it incorrectly charged the depositor's account twice for the monthly service charge in a previous month. Checks written by another depositor but charged against this companys account. Costs associated with employees include only salary and limited hiring expenses. as a basis of employee performance reviews to guarantee that loss is eliminated to protect assets and ensure reliable accounting to reduce outstanding customer balances, Which of the following are principles of internal control? Demonstrate the correct journal entry to create the account by choosing the correct action from those below. Recall the preparation of a bank reconciliation by selecting the correct items below. b. WebStudy with Quizlet and memorize flashcards containing terms like What is the purpose of internal controls? Self-employed persons who also work other jobs as employees do not have to pay any FICA, The requirements for depositing FICA taxes and income taxes withheld from employees' wages, A monthly depositor's employment taxes total $3,800 on Wednesday, March 31, 20--, the end of. Review the items below and determine which would cause a decrease in the monthly bank statement balance. A. A debit increases which of the following types of accounts? \text{End Balance}\hspace{47pt} Which statement below explains why liquid assets are needed in a business? a.The revenue activities of a retail business involve providing services to customers. The insurance coverage provided by the FDIC for a savings account is _____ per depositor until January 1, 2014. What alternative would give Juan the most interest and what would the total interest be? **b**. However, a person trying to deposit a check has no idea or control over whether the check will clear, and sometimes, that person is the victim of check fraud. Review the statements below to determine the correct definition of a debit memorandum. Demonstrate the journal entry to replenish the account by choosing the correct action from those given below. psy quiz 4/5/6. A person who ____________ (identifies/controls/recommends) or has access to an asset must __________ (always/not/) keep that asset's accounting records. gela075 Plus. Place the selected steps below in the correct order of occurrence, 1. Might they offer a negative real expected rate of return? At the end of the month, Brown Co.'s petty cash fund contains $4 in cash and receipts for postage of $50 and delivery expenses of $46. WebStudy with Quizlet and memorize flashcards containing terms like Generally, in a court ordered sale, which of these is paid first? WebStudy with Quizlet and memorize flashcards containing terms like bank reconciliation, bank statement, cash and more. Review the statements below and determine which is correct regarding this discrepancy. Eliminating auditor reporting on a company's internal controls. Suny Bank requires a minimum deposit of $100, charges a monthly fee of $8, plus 5 cents a check. \textbf{Distance} && \textbf{Gas Used}\\ To show this increase in the petty cash account, you would: XYZ Co. decided to create a petty cash fund. The journal entry to record the replenishment of the fund would include a, A $100 petty cash fund has cash of $20 and receipts of $82. (See Problem $11$. Employer contributions for retirement plan payments for employees are defined as wages and, If on any day during a deposit period an employer has accumulated $100,000 or more in, If an employee defers compensation into a 401(k) plan, the deferral (payroll deduction) is still. Define what liquidity means by completing the following sentence. Which of the following payments are not taxable for FICA? Cash is debited for $70 and Petty Cash is credited for $70. WebStudy with Quizlet and memorize flashcards containing terms like Describe the internal control principle of separating recordkeeping from custody of assets by completing the following sentence. a. Listen to the complete \text{Direct labor}\hspace{45pt} 8,400\\ A. The intentional act of deceiving an employer for personal gain. Using the Wage Bracket Method Tables for Income Tax Withholding in Appendix C, compute the federal income tax withholdings for the following employees of Milligan's Millworks. However, Walmart does sell recovered (and new) pallets online. Unlimited (i.e. Using the Wage Bracket Method Tables for Income Tax Withholding in Appendix C, compute the federal income tax withholdings for the following employees of Milligan's Millworks. 2 percent of the amount of the taxes . Prepare an income statement, statement of changes in stockholders' equity, a classified balance sheet, and statement of cash flows. The credit balance in Cash Short and Over at the end of an accounting period is reported as. A seller of goods or services, usually a manufacturer Only the items reconciling the book balance require adjustment. At what income level do employees contribute an additional percentage to their Medicare tax deduction? It had a cost of$4,000. She contributes 1% of her pay to a 401(k) plan and has $30 per paycheck deducted for a court-ordered garnishment. Debit Cash $1,000 and credit Notes Receivable $1,000. Checks written by another depositor but charged against this companys account. ATM cards are declining in use because they are expensive and the machines are becoming more difficult to locate. It contains information about the quantity received as well as its condition and whether it agrees with the purchase order. Cash. (Check all that apply.). 3. True or false: Bank errors must be accounted for in the bank reconciliation. On December 31, Job No. Webstretch machine for splits. $990 C. $630 D. $750. It started out with $100 in the fund at the beginning of the month. Candy Farms, Inc., has the following voluntary withholdings to remit as of September 30, 2017: How does a payroll accountant use the information in the General Ledger? Are the wages of the truck drivers who were replaced by robots likely to end up higher or lower in the drivers new jobs? WebStudy with Quizlet and memorize flashcards containing terms like The principles of internal control include _____., An internal control system consists of the policies and procedures managers use to _____. (Check all that apply. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following are correct regarding why management uses internal controls?, Which of the following are principles of internal control?, The triple threat of fraud involves: and more. \text{Dividends}&3,000\\ -It records the effects of cash overages and cash shortages, Identify when the Petty Cash fund is debited or credited by selecting the correct answer below. -Expenses would not be recorded in the period in which they were incurred, Jackson Brothers established a petty cash fund of $200 at the beginning of the year, but it decides to reduce the amount in the fund to $130. The employees earned $9.70 per hour and worked 160 hours each during the month. The ________ is the return on an investment that is guaranteed for a specified period. Study with Quizlet and memorize flashcards containing terms like False, True, True and more. ), Summarize the internal control principle of establishing responsibility by completing the following sentence. The overall attitude of management and employees about the importance of -controls. Demonstrate the journal entry to replenish the account by choosing the correct action from those given below. Demonstrate the correct journal entry to reduce the amount in the account by choosing the correct action from those given below, Cash is debited for $70 and Petty Cash is credited for $70. WebStudy with Quizlet and memorize flashcards containing terms like Extremely low interest rates favor investors and boost the incentive to save. $$ Calculate the following: (Round "Employer Share Social Security Tax" & ''Employer Share Medicare Tax'' to 2 decimal places.). B. On payday, Friday, a semiweekly depositor has accumulated employment taxes totaling $13,900. Match the banking term on the left with its definition on the right. Review the following statements and select the ones which accurately describe a Petty Cash fund. WebStudy with Quizlet and memorize flashcards containing terms like False, True, True and more. The van has a 4-year life and a$6,000 salvage value. WebStudy with Quizlet and memorize flashcards containing terms like The seller, A definite termination date must be included, $15,000 and more. (Check all that apply.). Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? general trivia questions and answers checkpoint operation failed cannot create the Jackson Co. needs to replenish its petty cash fund. If you were debating MM, how would you counter them. Interest earned on the September cash balance in the bank. ", Choose all statements that describe a "credit union." Twenty-three and $\frac{10}{100}$. ** Asset Reorienting management philosophy away from controls. The additional taxes are not accumulated with the previous liability of $105,000. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following is NOT correct? The bank notifies the depositor of each increase to the account with a credit memorandum. (Check all that apply. c. The operating cycle sometimes is shorter than one year in duration. it is calculated using cash at the beginning of the year. If you have $10,000 that you do not currently need for expenses and you wish to put it somewhere so that it will earn a return, which of the following financial institutions would you not choose? Briefly explain your answers. Given the following information for the year ended December 31, what is the ratio of cash to monthly cash expenses? A ________ is a check that is written on behalf of a person and will be charged against a nonfinancial institution's account. Which department will have the highest rate for its workers' compensation insurance? A. The operating cycle sometimes is longer than one year in duration. Unlimited (i.e. Monthly cash expenses are calculated as a. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay. ________ are nondepository institutions that provide insurance to protect individuals or firms against possible adverse events. Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. *In this task, evaluate each iterated integral. \text{Petty cash}&&\text{100}\\ Web1. A petty cash fund is used for ________ (large/small) payments in order to _________ (increase/avoid) the time and cost of writing checks for ________ (large/small) amounts, Determine which of the statement(s) are correct if a Petty Cash account is not replenished at the end of the accounting period, Only the petty cashier is responsible for paying cash from the fund. Financial intermediation is: A. \$\hspace{5pt}\text{(b)}&\text{Jobs completed}\hspace{35pt} On sep 30 fund shows $104 in cash along with receipts for the following expenditures: Transportation-in $40 Postage expenses 123 Miscellaneous expenses 80 The petty cashier could not account for a $3 shortage in the Assuming a 25 percent income tax rate, when will Kelly need to deposit the payroll taxes? (Round your answers to 2 decimal places. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following are correct regarding why management uses internal controls?, Which of the following are principles of internal control?, The triple threat of fraud involves: and more. jimmy_nguyen713. To which parties does an employer have fiduciary duty when it incurs payroll liabilities? A depositor's account is a(n) (liability/asset/expense) on the bank's records, but it is a(n) (liability/asset/expense) on the books of the account owner. as a basis of employee performance reviews to guarantee that loss is eliminated to protect assets and ensure reliable accounting to reduce outstanding customer balances, Which of the following are principles of internal control? Which of the following financial institutions specializes in making personal loans to people who are perceived to have a higher risk of default? Only the items reconciling the book balance require adjustment. are used to effect cash transactions. Summarize the document flow, or steps, in a voucher system by placing the following actions in their correct order of occurrence. The operating cycle always is one year in duration. (Check all that apply.). A. \end{array} Walmart does not sell or donate its own pallets, but recycles or reuses them. mam90. and more. 155. The process of transferring amounts from the General Journal to the General Ledger is called posting. Which of the following is not a service that a depository institution might offer? Select all answers which apply. Assume that the confidence level is to be 99%. On sep 30 fund shows $104 in cash along with receipts for the following expenditures: Transportation-in $40 Postage expenses 123 Miscellaneous expenses 80 The petty cashier could not account for a $3 shortage in the Which of the following should not affect your choice of a financial institution? WebStudy with Quizlet and memorize flashcards containing terms like The allocation of the cost of a tangible fixed asset is referred to as ___, whereas the allocation of the cost of an intangible asset is referred to as, For a manufacturing company, what type of cost is factory depreciation expense?, Service life Allocation method Allocation base and more. 3. **d.** Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of _____ accounts. A. When the Federal Reserve wishes to ________ interest rates, it ________ the amount of funds at commercial banks. True or false: The adjusted book balance and the adjusted bank balance must equal each other on a bank reconciliation; otherwise, the cash account is not reconciled. Determine: a. the date by which the deposit should have been made. Determine which of the following entries is correct to record cash sales and the shortage. One-year CDs are currently paying 8% while two-year CDs are paying 12 percent. WebStudy with Quizlet and memorize flashcards containing terms like Milligan's Millworks pays its employees on a weekly basis. If a researcher wants to estimate the mean caffeine content of a cup of Starbucks decaffeinated espresso with 98 percent confidence and an error of $\pm 0.1 \mathrm{mg}$, what is the required number of cups that must be tested? Choose the statement below which is correct regarding which bank reconciliation items require adjusting journal entries. ), Beginning-of-period balance in the account. -ensure reliable accounting -protect assets -promote efficient operations -uphold company policies -all of the above, An effective system of internal Webwhich of the statements below is correct regarding information reflected on a monthly bank statement. How "decaffeinated" is decaffeinated coffee? Determine which of the actions below would result in a shortage or an overage in the petty cash fund. Under current regulations the FDIC guarantees deposit up to _____ per depositor per bank. 20. She deposits the money in her savings account at the end of each year and earns 9% annual interest. A single employee is responsible for receiving and counting cash. WebStudy with Quizlet and memorize flashcards containing terms like Short-term financing not backed by collateral is called: , Simone has worked as an editorial assistant at a magazine publisher for the last six months. To maintain control of cash payments, all payments should be made by check except. A. NSF check from customer is returned on September 25 but not yet recorded by this company. They estimated that $100 would be needed in the fund. Debit Cash $100; debit Cash Over and Short $2; and credit Sales $102. Grace Company gathered the following reconciling information in preparing its July bank reconciliation: Hector Company developed the following reconciling information in preparing its March bank reconciliation: Entries are made to the petty cash account when. This item would be included on the bank reconciliation as. City Bank requires a $500 minimum deposit, but charges only 5 cents per check. b. used prepaid insurance of$560. It measures how quickly a company can convert its accounts receivables into cash. WebStudy with Quizlet and memorize flashcards containing terms like Cash is the only kind of liquid asset. Internal control does not consist of policies and procedures that. ________ are nondepository institutions that facilitate the purchase or sale of securities by firms or individuals by providing investment banking services and brokerage services. Insuring assets against casualty and bonding employees who handle cash, reduces risk of loss. Calculate the adjusted cash balance per the books of XYZ Co. given the following information. What are the penalties associated with the lack of reporting and remitting payroll taxes? Proper internal control Describe what a petty cash fund is by completing the following sentence. and more. 3. $$ A. Determine which of the following entries is correct to record cash sales and the shortage. Since rates and fees differ only slightly between all national banks, there is little need to consider these when choosing your financial institution. linux set 3. NSF check, Deposit in transit, interest paid by bank. Check. Each of the following are types of technological impacts related to internal control: Human (error/fraud) is related to misjudgment or confusion. $$ Lorenzo is considering two banks for his checking account. Which of the following should not be considered cash by an accountant? 1. The petty cashier failed to get a receipt for payment. Demonstrate the correct journal entry to create the account by choosing the correct action from those below. Choose the items below that would be added to the book balance on a bank reconciliation. When a consumer deposits a check that bounces, banks sometimes charge a fee to the depositor, usually in the range of $10 to $19. WebStudy with Quizlet and memorize flashcards containing terms like What are the three main types of financial institutions available for helping you manage you finances?, Choose all statements that describe a "bank. Managers use labor reports to do which of the following? (Unemployment taxes were not paid at this time.) She starts to save $850 every year and plans to renovate her kitchen. (Check all that apply. **11. Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. (Check all that apply. The fund was initially established with $100. WebStudy with Quizlet and memorize flashcards containing terms like False, True, True and more. (Check all that apply.). To show this increase in the petty cash account, you would: Jackson Co. needs to replenish its petty cash fund. It measures how quickly a company can convert its accounts receivables into cash. first in the current asset section of the balance sheet. Which of the following information points needs to be updated and issued monthly? WebStudy with Quizlet and memorize flashcards containing terms like bank reconciliation, bank statement, cash and more. Only the items reconciling the book balance require adjustment. (Check all that apply.). c.The revenue activities of a service business involve providing services to customers. The depositor orders new checks through the bank at a cost of $50. Outstanding check---, A check written by the depositor that has not yet been received by the bank for payment. One objective is to predict the ratio of salary to worker pay based on the CEO's age. (Assume that no pre-tax deductions exist for any A. $990 C. $630 D. $750. The fund was initially established with $100. Identify the item below that would be added to the book balance. Proper internal control **23. 65 terms. 156, 157, and 158 were started. b.The revenue activities of a service business involve the building of a product. Which mountain ranges resulted from the collision of what is now the Indian subcontinent with Asia? Only the petty cashier is responsible for paying cash from the fund. Interest earned on the September cash balance in the bank. Review the statements below to determine the correct definition of a debit memorandum. The company should follow the semiweekly deposit rules and pay the $20,000 by Friday. Allison estimates that she will write 40 checks per month. Katie's savings are an example of an annuity. Identify the item below that would be subtracted from the book balance on a bank reconciliation. (Check all that apply.). Describe the internal control principle of separating record keeping from custody of assets by completing the following sentence. (Check all that Far less important than direct finance through stock and bond markets B. **12. mam90. Identify the item below that would be added to the book balance. gela075 Plus. The cash in a cash register equaled $100, but the record of cash receipts/sales equaled $102. 3. A) people who assemble in the company library to read B) a group of employees attending a colleague's wedding C) a functional department in an organization D) a group of employees who meet after work to play basketball, 24) Groups 1. which of the statements below is true regarding the adjusted bank balance and the adjusted book balance on a bank reconciliation. c.The revenue activities of a service business involve providing services to customers. Pacilio estimated that the warranty cost would be 3 percent of alarm sales. Determine which of the statements below accurately describe services provided by a bank. Deposit made on September 5 and processed by the bank on September 6. True or False: A receiving report is a document that describes when goods have been received. 779\ \text{miles} && 64\ \text{gallons}\\ To process the loan and be assured of funding, the title company would request your payment as a. When you receive May's bank statement, you discover the following additional items: Bank fees, $271; Interest earned, $163. Workers' compensation is provided to cover employees who are injured or killed while performing work duties. WebStudy with Quizlet and memorize flashcards containing terms like Which of the following is NOT correct? The adjusted bank balance must equal the adjusted cash balance per books. **22. On October 8, Narveson returns defective goods with a selling price of $640 and a scrap value of$240. **21. All of the following statements are true with regards to the ratio of cash to monthly cash expenses except. Other Quizlet sets. An invoice approval is completed by the accounting department to approve an invoice for payment. Walmart does not sell or donate its own pallets, but recycles or reuses them. A. 2. The term structure of interest rates is measured by a(n) ________, which shows the interest rate offered at each maturity level. Which of the following is a characteristic of workers' compensation? Which of the following is true about the cost of employees within a business context? Demonstrate the journal entry to replenish the account by choosing the correct action from those given below. Do you think it is possible for risk-free Treasury bills to offer a negative nominal interest rate? Overhead was applied at a rate that was 75% of direct labor cost. Currently, it contains $11 in cash and receipts for supplies of $40 and delivery expenses of $49. Currently, it contains $11 in cash and receipts for supplies of $40 and delivery expenses of $49. Which of the following is true with regards to rising interest rates? Which of the following is a nonprofit depository institution that provides services only to members who have a common affiliation? 10. Are the average wages Rio Tinto pays likely to be higher or lower? 2. 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