Questions from College Accounting

Q: What are the three steps to follow in preparing a bank reconciliation

What are the three steps to follow in preparing a bank reconciliation?

Q: What two kinds of items on a bank reconciliation require journal entries

What two kinds of items on a bank reconciliation require journal entries?

Q: Name five common uses of electronic funds transfer.

Name five common uses of electronic funds transfer.

Q: What is the purpose of a petty cash fund?

What is the purpose of a petty cash fund?

Q: What should be prepared every time a petty cash payment is made

What should be prepared every time a petty cash payment is made?

Q: At what two times should the petty cash fund be replenished?

At what two times should the petty cash fund be replenished?

Q: Describe the steps followed by the Financial Accounting Standards Board when developing

Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.

Q: From what source is the information obtained for issuing a check to

From what source is the information obtained for issuing a check to replenish the petty cash fund?

Q: At what two times would an entry be made affecting the change

At what two times would an entry be made affecting the change fund?

Q: What does a debit balance in the cash short and over account

What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?