Questions from College Accounting

Q: Why is a bank reconciliation prepared?

Why is a bank reconciliation prepared?

Q: Which type of endorsement is most appropriate for a business to use

Which type of endorsement is most appropriate for a business to use?

Q: How are cash shortages and overages recorded?

How are cash shortages and overages recorded?

Q: When are petty cash expenditures entered in a firm’s accounting records?

When are petty cash expenditures entered in a firm’s accounting records?

Q: Describe the major controls for petty cash.

Describe the major controls for petty cash.

Q: What type of account is Purchases Discounts? How is this account

What type of account is Purchases Discounts? How is this account presented on the income statement?

Q: How does a firm record a payment on account to a creditor

How does a firm record a payment on account to a creditor when a cash discount is involved? Which journal is used?

Q: How does a wholesale business record a check received on account from

How does a wholesale business record a check received on account from a customer when a cash discount is involved? Which journal is used?

Q: Why do some wholesale businesses offer cash discounts to their customers?

Why do some wholesale businesses offer cash discounts to their customers?

Q: The president of Tower Copper Company has told you to go out

The president of Tower Copper Company has told you to go out to the factory and count merchandise inventory. He said the stockholders were coming for a meeting next week and he wanted to put on a good...