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Bank Balance and Accounting

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Questions and Answers

What is the characteristic of a positive bank balance of a business?

It has a debit opening and closing balance

It has a zero opening and closing balance

It has no opening or closing balance

It has a credit opening and closing balance (correct)

What is the typical balance of a positive bank balance?

Zero balance

Credit balance (correct)

Overdraft balance

Debit balance

What does a positive bank balance indicate about a business?

It has an overdraft facility

It owes more money to the bank than it has

It has more money in the bank than it owes (correct)

It has no money in the bank

What is the impact of a positive bank balance on a business's financial statement?

It increases the business's assets Signup and view all the answers

What is the relationship between a positive bank balance and a business's cash flow?

A positive bank balance indicates a healthy cash flow Signup and view all the answers

What is the nature of a positive bank balance's opening and closing balance?

Credit Signup and view all the answers

A positive bank balance will have a what type of opening balance?

Credit balance Signup and view all the answers

Which of the following is a characteristic of a positive bank balance?

Credit closing balance Signup and view all the answers

What is the effect of a positive bank balance on a business's financial records?

Increases assets Signup and view all the answers

What is the implication of a positive bank balance for a business?

The business has surplus funds Signup and view all the answers