Ch. 8 Sarbanes-Oxley Act, Internal Controls, and Cash Part 2 Quiz

In a bank reconciliation, an NSF (not-sufficient-funds) check is:

In a bank reconciliation, deposits not recorded by the bank are:

The amount of the outstanding checks is included on the bank reconciliation as:

Receipts from cash sales of $7,500 were recorded incorrectly as $5,700. What entry is required in the depositor's accounts?

Accompanying the bank statement was a credit memorandum for a short-term, non-interest-bearing note collected by the bank. What entry is required in the company's accounts?

What entry is required in the company's accounts to record outstanding checks?

Journal entries based on the bank reconciliation are required on the company's books for:

In a bank reconciliation, checks issued that have not been paid by the bank are added to the balance according to the bank statement.

Bank memorandums not recorded by the company require entries in the company's accounts.

For a greater degree of internal control, the bank reconciliation should be prepared by an employee who does not engage in or record cash transactions with the bank.