ACCT 2300 Exam #3 questions well
answered graded A+ 2025/2026
Cash - ANS ✔✔Includes coin, currency, cash on hand, checking and savings accounts, cashier
checks, certified checks and undeposited checks from customers
Cash Equivalents - ANS ✔✔Investments that are readily convertible to a known amount of cash
and have an original maturity to the investor of three months or less. Treasury bills, commercial
paper, money market funds
Bank Statement - ANS ✔✔Provides a detailed list of all activity for a particular account during
the month
Canceled Checks - ANS ✔✔Checks that have cleared the company's bank account during the
month
Outstanding Checks - ANS ✔✔Check written by a company but not yet presented to the bank
for payment and therefore is not on statement
Deposit in Transit - ANS ✔✔Deposit recorded on the books but not yet reflected on the bank
statement
NSF Check - ANS ✔✔"Not Sufficient Funds";Check from a customer that was recorded and
deposited, but customer did not have sufficient money in his account to cover the check. Bank
deducts the amount from company's account (Debit Memo)
Service Charge - ANS ✔✔Fees for various services provided by the bank to customers; include
monthly activity fees, check printing fees (Debit Memo)
answered graded A+ 2025/2026
Cash - ANS ✔✔Includes coin, currency, cash on hand, checking and savings accounts, cashier
checks, certified checks and undeposited checks from customers
Cash Equivalents - ANS ✔✔Investments that are readily convertible to a known amount of cash
and have an original maturity to the investor of three months or less. Treasury bills, commercial
paper, money market funds
Bank Statement - ANS ✔✔Provides a detailed list of all activity for a particular account during
the month
Canceled Checks - ANS ✔✔Checks that have cleared the company's bank account during the
month
Outstanding Checks - ANS ✔✔Check written by a company but not yet presented to the bank
for payment and therefore is not on statement
Deposit in Transit - ANS ✔✔Deposit recorded on the books but not yet reflected on the bank
statement
NSF Check - ANS ✔✔"Not Sufficient Funds";Check from a customer that was recorded and
deposited, but customer did not have sufficient money in his account to cover the check. Bank
deducts the amount from company's account (Debit Memo)
Service Charge - ANS ✔✔Fees for various services provided by the bank to customers; include
monthly activity fees, check printing fees (Debit Memo)
