Questions from College Accounting

Q: Explain how Cash Short and Over can be a miscellaneous expense.

Explain how Cash Short and Over can be a miscellaneous expense.

Q: What is the advantage of having preprinted deposit slips?

What is the advantage of having preprinted deposit slips?

Q: Explain the difference between a blank endorsement and a restrictive endorsement.

Explain the difference between a blank endorsement and a restrictive endorsement.

Q: Explain the difference between payee, drawer, and drawee.

Explain the difference between payee, drawer, and drawee.

Q: Why should check stubs be filled out first, before the check

Why should check stubs be filled out first, before the check itself is written?

Q: A bank statement is sent twice a month. True or false

A bank statement is sent twice a month. True or false? Please explain.

Q: Meg Ryan, the bookkeeper of Logan Co., was scheduled to

Meg Ryan, the bookkeeper of Logan Co., was scheduled to leave on a three week vacation at 5:00 on Friday. She couldn’t get the company’s trial balance to balance. At 4:30, she decided to put in fictit...

Q: Explain the end product of a bank reconciliation.

Explain the end product of a bank reconciliation.

Q: Why are outstanding checks subtracted from the bank balance?

Why are outstanding checks subtracted from the bank balance?

Q: An NSF check results in a bank issuing the depositor a credit

An NSF check results in a bank issuing the depositor a credit memorandum. Agree or disagree? Please explain your response.