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Ad libitum [116K]
3 years ago
15

Determine the statements below that are true regarding why a bank reconciliation is used. (Check all that apply.) a) The Cash ac

count balance in the general ledger is accurate, but the bank statement balance is not. b)Timing differences between the bank statement and the depositor's records are reflected in the bank reconciliation. c) The bank reconciliation is useful in proving the accuracy of the Cash account in the general ledger.d) We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the two.
Business
2 answers:
nlexa [21]3 years ago
6 0

Answer:

b)Timing differences between the bank statement and the depositor's records are reflected in the bank reconciliation.

c) The bank reconciliation is useful in proving the accuracy of the Cash account in the general ledger.

d) We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the two

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.

These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

Alexandra [31]3 years ago
3 0

Answer: The correct options are B and D.

Explanation: A bank reconciliation statement is prepared for the sole purpose of reconciling the balances reflected in the cash account (cash book) of a business entity and the cash account maintained by the bank on behalf of the business organisation at regular intervals (usually every month).

The normal procedure is to compare entries in your cash account with those in the bank statement provided by your bank. Ideally, all entries are supposed to be in agreement. In other words, all your debit transactions in your cash account should have been in the credit of your bank statement, and all credit transactions should have been on the debit side of your bank statement.

However, the ideal situation is not always achievable in real practice. Timing of certain transactions like check payments can account for a difference in month end balances. To illustrate, a check paid in to your bank would have been recorded as a debit in your cash account but the bank does not usually credit your account with the check amount on the same date. If this transaction occurs on the last day of the month, it would not be reflected until the following month and your current bank statement would show a difference.

Also, some charges are recorded into the debit of your bank statement and this would not be reflected in your cash account until your bank statement is made available. Such differences would also be taken care of by a bank reconciliation statement and in way does this mean your cash account is inaccurate.

So basically, a bank reconciliation statement does not try to prove accuracy or otherwise of your cash account, but it is meant to identify and explain any difference or differences (in terms of entries) between your cash account and the bank records.

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Which of the following comes closest to the value at the end of year 6 of investing $600 today (year 0) and then investing anoth
cestrela7 [59]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Investment= $600 today and $600 at the end of year 5

Interest rate= 3%

To calculate the final value, we need to apply the following formula on each investment:

FV= PV*(1+i)^n

FV= 600*(1.03^6)= $716.43

FV= 600*(1.03^1)= $618

Total FV= $1,334.43

5 0
3 years ago
Sally is playing outside with her brother micah one day and wants to push him down when he takes her swing. sally does not push
grigory [225]
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3 years ago
A father and mother are planning a savings program to put their daughter through college. Their daughter is now 8 years old. She
Anna71 [15]

Answer:

$4,102.57

Explanation:

we must first calculate the future costs of college:

cost of college year 1 = $16,200 x (1 + 2%)¹⁰ = $19,747.71

cost of college year 2 = $19,747.71 x 1.02 = $20,142.66

cost of college year 3 = $20,142.66 x 1.02 = $20,545.51

cost of college year 4 = $20,545.51 x 1.02 = $20,956.42

in order to determine how much money does the family need to have before college starts we must discount the cost of college by 7.5%:

PV cost of college year 1 = $19,747.71

PV cost of college year 2 = 20,142.66 / 1.075 = $18,737.36

PV cost of college year 3 = $20,545.51  / 1.075² = $17,778.70

PV cost of college year 4 = $20,956.42  / 1.075³ = $16,869.09

total = $73,132.86

the future value of the grandmother's deposits:

$13,000 x (1 + 7.5%)¹⁴ = $35,781.77

$2,900 x (1 + 7.5%)¹² = $6,907.16

total = $42,688.93

that means that you will need to save $73,132.86 - $42,688.93 = $30,443.93 by the time your child turns 18

you will make 4 deposits and their future value will be:

deposit x 1.075¹⁰ = 2.0610D

deposit x 1.075⁹ = 1.9172D

deposit x 1.075⁸ = 1.7835D

deposit x 1.075⁷ = 1.6590D

total = 7.4207D

yearly deposit = $30,443.93 / 7.4207 = $4,102.57

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Find the answer in attachment

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The statement "Automobiles manufactured by this brand are the safest" is an example of the _____ component of attitude.
QveST [7]

Answer:

cognitions

Explanation:

The cognitions component of attitude refers to the opinion a person has about an object. According to this, the answer is that the statement "Automobiles manufactured by this brand are the safest" is an example of the cognitions component of attitude as the sentence shows the belief the person has about that brand.

8 0
3 years ago
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