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1) After you have completed the account reconciliation report, Rinaldo asks you to explain the meaning of one of the terms that can appear on the account reconciliation report
1) After you have completed the account reconciliation report, Rinaldo asks you to explain the meaning of one of the terms that can appear on the account reconciliation report.
From your company's perspective, which of the following shows the correct description of the term outstanding checks:
| checks received from customers and recorded in your company's accounts but not yet cleared by the bank | |
| checks issued by your company and recorded in the company's accounts but not yet cleared by the bank | |
| checks issued by your company and cleared by the bank but not yet recorded in the company's accounts | |
|
checks received from customers and cleared by the bank but not yet recorded in your company's accounts |
2) Rinaldo then asks you to open the Account Reconciliation window by following the steps below:
- From the Navigation Bar, click Banking.
- In the Banking Tasks section, click the Reconcile Accounts icon.
- In the Account to Reconcile field, select '1020' (Checking Account).
Select the correct statement about the Account Reconciliation window that appears after the above steps are performed:
| When a deposit is marked as clear, the sum of deposits in transit decreases. | |
| The amounts of all checks issued to suppliers are listed in the Check/Bank Credit column. | |
| If a deposit is listed in both the bank statement and the Accounts Reconciliation window, a checkmark must not be placed in the Status column for that deposit. | |
| When a check is marked as clear, the sum of outstanding checks increases. |
3) Rinaldo also asks you to open the Account Reconciliation window by following the steps below and then identify the field that is not available in that window:
- From the Navigation Bar, click Banking.
- In the Banking Tasks section, click the Reconcile Accounts icon.
Which of the following shows the field that is not in the Accounts Reconciliation window:
| Cancelled Checks | |
| Interest Income | |
| Account to Reconcile | |
| Service Charges |
Expert Solution
Answer:
1. After you have completed the account reconciliation report, Rinaldo asks you to explain the meaning of one of the terms that can appear on the account reconciliation report.
From your company's perspective, which of the following shows the correct description of the term outstanding checks:
Answer:- checks issued by your company and recorded in the company's accounts but not yet cleared by the bank.
2. Rinaldo then asks you to open the Account Reconciliation window by following the steps below:
From the Navigation Bar, click Banking.
In the Banking Tasks section, click the Reconcile Accounts icon.
In the Account to Reconcile field, select '1020' (Checking Account).
Select the correct statement about the Account Reconciliation window that appears after the above steps are performed:
Answer:- When a deposit is marked as clear, the sum of deposits in transit decreases.
3. Rinaldo also asks you to open the Account Reconciliation window by following the steps below and then identify the field that is not available in that window:
From the Navigation Bar, click Banking.
In the Banking Tasks section, click the Reconcile Accounts icon.
Which of the following shows the field that is not in the Accounts Reconciliation window:
Answer:- Cancelled Checks.
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