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4 Cards in this Set
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- Back
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What are some items excluded from cash?
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Compensating Balances - legally restricted deposits
Postdated checks(NFS) - are receivables Overdraft Protection -same bank? net them -diff, positive is asset, negative is liability Restricted cash Postage stamps - prepaid expense |
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You adjust which items to arrive at balance per BANK?
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Balance on stmt
+Deposits in trans -Outstanding cks +/- Errors by bank =Corrected balance |
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To arrive at balance per BOOKS, which adjustments are made?
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Checkbook balance
+amts collect by bank -bank chrgs +/- errors in recording =Corrected balance |
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What are some examples of cash and cash equivalents?
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Coin/currency(petty cash)
Money mkt accts Unmailed checks Savngs Acct CDs (maturity in 3 mo or less) Negotiable paper (bank checks, travelers checks, money orders) |
