Questions from College Accounting

Q: What is the book balance of cash?

What is the book balance of cash?

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: Describe the major controls for petty cash.

Describe the major controls for petty cash.

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: What is a promissory note? What entry is made to record

What is a promissory note? What entry is made to record the collection of a promissory note and interest?

Q: Explain what bonding means. How does bonding relate to safeguarding cash

Explain what bonding means. How does bonding relate to safeguarding cash?

Q: Describe the major controls for cash receipts.

Describe the major controls for cash receipts.

Q: A chart of accounts varies with each type of business as well

A chart of accounts varies with each type of business as well as each company. In a group, compare and contrast the accounts that would appear in Cole’s Real Estate Office, Sarah’s Clothing Emporium,...

Q: Describe the major controls for cash payments.

Describe the major controls for cash payments.