is on the bank statement, but not yet on the company’s books, a journal entry is needed to credit Cash and to debit an expense such as Bank Charges or Miscellaneous Expense. Check printing charges Customer checks that...
is on the bank statement, but not yet on the company’s books, a journal entry is needed to credit Cash and to debit an expense such as Bank Charges or Miscellaneous Expense. Check printing charges Customer checks that...
on the total organization (as opposed to focusing on specific funds within the organization) and reports the following: Revenues such as contributions, program fees, membership dues, grants, investment income, and...
and other lenders for borrowed funds Amounts owed for wages, interest, taxes, and amounts incurred but not yet processed Amounts that customers have prepaid, customers’ deposits, etc. Certain deferred corporate income...
How do I start a petty cash fund? Definition of Petty Cash Fund A petty cash fund is a small amount of money available to pay small amounts without requiring the processing of a business check. Example of Starting a...
What does it mean to replenish the petty cash fund? Definition of Replenishing Petty Cash Replenishing the petty cash fund means the petty cash custodian requests and receives cash from the company’s regular checking...
Where does a bond sinking fund appear on the balance sheet? Definition of Bond Sinking Fund A bond sinking fund is an investment made by a corporation that is restricted for the purpose of retiring its bonds payable,...
was __________% of the sales value. 18. During the past year the accounts receivable turned over on average __________ times. 19. On average, the number of days of credit sales that were uncollected during the past year...
” or “For Deposit Only” are known as __________ endorsements. 6. The checks that have been paid by the bank and appear on the bank statement are said to have __________ the bank. 7. EFT is the acronym for...
books This is the balance in the company’s general ledger account. Mark as wrong Mark as right insufficient funds (or) not sufficient funds (or) NSF This term is often the reason for a check to be returned by the bank...
Why isn't the direct write off method of uncollectible accounts receivable the preferred method? Definition of Direct Write Off Method Under the direct write off method of accounting for credit losses pertaining to...
for preparing a bank reconciliation as soon as possible include the following: If there is an error or omission in the company’s records that affected the balance in the checking account, the company might issue...
_________ charge. SERVICE VEIRCSE Unscramble SERVICE ESVIRCE Unscramble 4. A customer's check that was returned NSF is sometimes referred to as a check that ____________. BOUNCED NUCDOEB Unscramble BOUNCED NCOUEBD...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
a $2,000 check from a customer as payment of the amount owed. ABC debited Cash and credited Accounts Receivable for $2,000 and deposited the check in its checking account at First Bank. On May 26, ABC learned the...
AMTEEGMNNA Unscramble 15. The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds. WHOLE WLEOH Unscramble WHOLE WOEHL Unscramble 16. Beginning in...
that was returned for insufficient funds A monthly loan payment Since the amount of a bank debit memo has already been subtracted from the bank account, the amount must also be subtracted from the company’s general...
that the external financial statements of a nonprofit report information by funds. True Wrong. False Right! 21. Supporting services expenses consist of two broad categories: 1) management and general, and 2) __________...
is __________. 7. When the balance in the general ledger account Petty Cash remains at a constant amount, the fund’s balance is said to be __________. 8. The person entrusted with the petty cash fund is referred to as...
did not have a sufficient balance. (NSF is the acronym for not sufficient funds.) An NSF check is also referred to as a “rubber check” since the check is said to have “bounced.” An NSF check that was deposited...
Our Explanation of Nonprofit Accounting includes a chart that contrasts the financial statements of a nonprofit (or not-for-profit) organization with those of a for-profit business corporation. There are many examples to...
three months when originally purchased. Mark as wrong Mark as right negative cash balance (or) credit balance in cash account This type of cash balance usually results from writing checks without sufficient funds...
Our Explanation of the Balance Sheet provides you with a basic understanding of a corporation's balance sheet (or statement of financial position). You will gain insights regarding the assets, liabilities, and...
Our Explanation of Bookkeeping provides you with a rich understanding of the recording of transactions. It then discusses the additional steps necessary for preparing accurate financial statements. This is great for...
is the acronym for Not __________ Funds. 34. When reconciling the bank statement to the correct balance, the bank service charge will be entered as a deduction from the balance per __________. Select... bank books 35....
Statement Statement of Changes in Stockholders' Equity 33. Also known as the statement of financial position. Select... Balance Sheet Statement of Cash Flows Income Statement Statement of Changes in...
Our Explanation of the Balance Sheet provides you with a basic understanding of a corporation's balance sheet (or statement of financial position). You will gain insights regarding the assets, liabilities, and...
Our Explanation of Bookkeeping provides you with a rich understanding of the recording of transactions. It then discusses the additional steps necessary for preparing accurate financial statements. This is great for...
Our Explanation of Accounts Payable provides insights on the bill paying process in a large company. Included are discussions of the three-way match, early payment discounts, end of period accruals, and more.
Our Explanation of Accounting Equation (or bookkeeping equation) illustrates how the double-entry system keeps the accounting equation in balance. You will see how the revenues and expenses on the income statement are...
Our Explanation of the Balance Sheet provides you with a basic understanding of a corporation's balance sheet (or statement of financial position). You will gain insights regarding the assets, liabilities, and...
Our Explanation of Working Capital and Liquidity provides you with an in-depth look at the components of working capital and the challenges of converting current assets to cash before obligations come due. You will see...
? Select... A bank error A customer's NSF check A deposit in transit An outstanding check View Coaching In the list of four reconciling items, only the customer's NSF check will require a company to record a...
Our Explanation of Bank Reconciliation will show you the needed adjustments to the balance on the bank statement and also the adjustments needed to the balance in the related general ledger account. A comprehensive...
Our Explanation of Bank Reconciliation will show you the needed adjustments to the balance on the bank statement and also the adjustments needed to the balance in the related general ledger account. A comprehensive...
Our Explanation of Financial Ratios includes calculations and descriptions of 15 financial ratios. As you calculate the financial ratios you will also gain a deeper understanding of a company's operations and financial...
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