For Scoring TEST 7B (Concluded Answers STATEMENTS 4. if the account Cash Short a

Question

For Scoring TEST 7B (Concluded Answers STATEMENTS 4. if the account Cash Short and Over has a debit balance at the end of 4. the period, the balance would be reported on the income statemen (answer expense or income) 5 5. The law passed by Congress to restore confidence and trust in financial reporting by public companies is called 6-7. There are four categories of reconciling items in a bank reconciliation: (1) additions to and (2) deductions from cash balance on the bank statement; (3) and additions to and (4) deductions from cash balance on the depositor's books. The two categories listed above that provide data for the journal entries based on the reconciliation are (ndicate by number) 6 6. (a) 8 Depositing all receipts and paying by check is an example of good 8. 9. Procedures designed to detect theft or misuse of cash are called..... 9 0 12. 13. 14. of cash.... There are three parties to a check. 10. The one who signs the check isthe 11. The bank on which the check is drawn is the . 12. The party to whom payment is to be made is the 13 The form often attached to e check to identifly the specific invoice being 10-12. paid is called a(n) The amount on the bank reconciliation that would appear on the balance sheet as the cash balance is identified on the reconciliation as 14.

Explanation / Answer

Answers to above statements:

4. Expense

5. The Sarbanes - Oxley Act 2002

6. (a) Additions to Cash balance in depositor's books

7. (b) Deductions from Cash balance in depositor's books

9. Detective Controls

10. Drawer

11. Drawee

12. Payee

13. Cheque Requisition form

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