INTACC Midterm Exam with correct answers 2024

3 things to find out before answering cash and cash equ - answer-ano required inclusions or update, on the same date What are the three marketable securities? - answer-treasury bills certificate of deposit banker's acceptance What are the five cash equqivalents? - answer-cash management pools commercial paper preferred stocks (short-term) short-term govt bonds true or false: a bank overdraft is an asset. - answer-false it is a liability what does payable tot he PCF custodian mean? - answer-replenishment check What does REO stand for? - answer-replenishment check employee's check officer's check pag may nakalagay na "(per bank statement)", ano ibig-sabihin? - answer-knows na ng bank,,, true or false: paid vouchers but not recorded is a cash item - answer-false; BEA what do you do when reconciling book with bank? - answer-do the usual adjustments with book recon items do the opposite effect of the bank recon items what do you do when reconciling bank with book? - answer-do the usual adjustments with bank recon items do the opposite effect of the book recon items what is the difference between bank draft and bank overdraft? - answer-bank draft - cash item bank overdraft - liability What is the difference between postal money order and postal stamps? - answer-postal money order - cash item postage stamps - prepaid expense what are some examples of cash set aside for short-term liabs? - answer-dividend fund tax fund interest fund payroll fund what are some examples of non-cash items? - answer-travel expenses & postage stamps cash in closed banks NSF CHECK/DAUD/DAIF bank overdraft If walang maturity date, ibig-sabihin hindi siya ______________. - answer-cash equivalent what ;s the first thing to do when reconciling? - answer-- determine sino yung huling nakaknows - nugagawen nung huling nakaknows, na ginawa nung unang nakaknows how to find the unadjusted book balance? - answer-find the adjusted book balance and i-opposite mo yung mga bank recon item When a check is certified and included in the outstanding checks, what should be done? - answer-deduct it form the outstanding because it is now not outstanding