7. Most companies pay ourrent labilitses a. out of current assets b. by issuing

Question

7. Most companies pay ourrent labilitses a. out of current assets b. by issuing interest-bearing notes payable c. by issuing stock d. by creating long-term liabilities 8. Electronic funds ocation to) s a disbursement system hat ranafers cash from one a a telephone b. a telegraph c a computer d a telephone, telegraph, or computer . A bank statement d lets a depositor know the financial position of the bank as of a certain date is a credit reference letter written by the depositor's bank. b. c. is a bill from the bank for services rendered. d. shows the activities that increased or decreased the depositor's account and shows the final balance plus interest earned etc. A NSF check should appear in which section of the bank reconciliation? a. Addition to the balance per books. b. Deduction from the balance per bank c. Addition to the balance per bank. d. Deduction from the balance per books. hich of the following would be added to the balance per books on a bank reconciliation? a. Outstanding checks b. Deposits in transit. c. Electronic Funds transfer collected by the bank. d. NSF check. ich of the following would not be subtracted from the balance per books on a bank reconciliation? a Outstanding checks. . NSF checks. Check printing charge. Service charges. st is usually associated with accounts receivable. notes receivable. doubtful accounts. ad debts

Explanation / Answer

Question Answer Answer 7 a out of current asset such as cash 8 c a computer 9 d shows the activities that increased or decreased the depositor account and shows the final balance plus interest earned etc 10 d deduct from balance per books 11 c electronic fund transfer collected by the bank 12 a outstanding checks 13 b notes receivable (interest expense is usually associated with this)

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