14. A customer\'s check that was recorded and deposited, but was not paid when i

Question

14. A customer's check that was recorded and deposited, but was not paid when it was presented to the customer's bank for payment small amounts for which payment by check is not eflicient. paper to effect a cash transaction. 15. A special cash fund set aside for the payment of relatively 16. A payment system using computerized information rather than TRUE /FALSE Instructions: Indicate whether each of the following statements is true or fals by placing a check mark in the appropriate column. True False 1. The goal of systems design is to determine information needs, the sources of such information, and the deficiencies n procedures and data processing methods presently used. 2. Responsibility for maintaining the accounting records should be separated from the responsbility for custody of the fiems assets 3. When there are a large number of indlvidual accounts with a common characteristic, a is common to place them in a separate ledger called a detail ledger 4. The primary ledger that contains all of the balance sheet and income statement accounts is called the general ledger. 5. If a business uses computers to process accounting data, the concepts and methods for a manual system are not relevant 8. There are four parties to a check.... 7. The drawer is the one to whose order the check is drawn.. _ 8. In a bank reconcillation, checks issued that have not been paid by the bank are added to the balance according to the bank statement. 9. Bank memorandums not recorded by the depositor require entries in the depositor's accounts. 10. For a greater degree of intemal control, the bank reconcillation should be prepared by an emplayee who does not ongage in or record cash transactions with the bank.. 11. If there is a debit balance in the cash short and over account at the end of the fiscal period, this represents income to be included in "Miscellaneous general income" in the income statement. .. 12. It is common practice for businesses to require that every payment of cash be evidenced by a check signed by the owner.

Explanation / Answer

Solution:

1)

False

2)

True

3)

True

4)
True

5)

True

6)

True

7)

True

8)

True

9)

True

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