To reconcile the bank statement, which of the following amounts would be subtracted from the bank statement balance?
a. service charge
b. outstanding checks
c. deposits in transit
d. amounts collected by the bank for the depositor's account
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Q. 2) First Bank charged Team Shirts 100 in services charges for September. On the bank reconciliation, the 100 should be ________.
A) added to the balance per books
B) deducted from the balance per books
C) added to the balance per bank statement
D) deducted from the balance per bank statement
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Q. 3) What type of company would normally offer trade discounts to its customers?
a. service companies
b. retailers
c. wholesalers
d. online retailers
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Q. 4) The Team Shirts' balance sheet has assets of 6,500 and liabilities of 4,000. Its shareholders' equity is ________.
A) 10,500
B) 2,500
C) 6,500
D) 4,000
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Q. 5) Approvals, authorizations, verifications, reconciliations, reviews of operating performance, security procedures, supervision, audit trails, and segregation of duties are examples of:
a. control activities
b. event identification
c. monitoring
d. risk response
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Q. 6) Cash is ________.
A) part of retained earnings
B) found on the income statement
C) equal to net income on the income statement
D) found on the balance sheet
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