Podcast
Questions and Answers
What does the left side of an account represent?
What does the left side of an account represent?
- Time deposit
- Debit side (correct)
- Savings account
- Credit side
Which type of bank account allows numerous withdrawals and unlimited deposits?
Which type of bank account allows numerous withdrawals and unlimited deposits?
- Checking/Current account (correct)
- Time deposit
- Debit account
- Credit account
According to the information provided, what is a bank check?
According to the information provided, what is a bank check?
- The person/entity who makes the check
- An order written by a depositor instructing the bank to pay a specific amount to a recipient (correct)
- A check received from a customer on or before the balance sheet date
- A check dated on or before the balance sheet date
What is one of the criteria that needs to be met before a check can be converted into cash?
What is one of the criteria that needs to be met before a check can be converted into cash?
What does a bank statement show at the end of every month?
What does a bank statement show at the end of every month?
What is the function of the Journal?
What is the function of the Journal?
Which type of journal is used to record sales on account?
Which type of journal is used to record sales on account?
What does the General Ledger contain?
What does the General Ledger contain?
What are the T-Account's three parts?
What are the T-Account's three parts?
Where are transactions that cannot be recorded in special journals can be recorded?
Where are transactions that cannot be recorded in special journals can be recorded?
What is the purpose of the signature of the depositor on a withdrawal slip?
What is the purpose of the signature of the depositor on a withdrawal slip?
What is the main purpose of a bank reconciliation process?
What is the main purpose of a bank reconciliation process?
What is the specific function of a deposit slip for checks?
What is the specific function of a deposit slip for checks?
Which information is NOT required when filling out a withdrawal slip?
Which information is NOT required when filling out a withdrawal slip?
What is the purpose of the reconciliation statement?
What is the purpose of the reconciliation statement?
What is the main difference between credit memos and debit memos?
What is the main difference between credit memos and debit memos?
What is the distinguishing feature of certified checks for bank reconciliation purposes?
What is the distinguishing feature of certified checks for bank reconciliation purposes?
What do outstanding checks represent in the context of bank reconciliation?
What do outstanding checks represent in the context of bank reconciliation?
What is the primary characteristic of deposits in transit for bank reconciliation purposes?
What is the primary characteristic of deposits in transit for bank reconciliation purposes?
What is the significance of an NSF or no sufficient fund check in bank reconciliation?
What is the significance of an NSF or no sufficient fund check in bank reconciliation?