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Copy of 2910FIN007.ans - Answer 1 Option C not have access...

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Answer 1 Answer 2 Option C. 3 Answer 3 Answer 4 Bank Reconciliation statement Amount Amount Balance as per bank statement $5,000 Less: (a) Outstanding check $500 (d) Interest Earned $58 $558 $4,442 Add: (b) Deposit in transit $1,000 (c) Bank service charges $10 (e) Wrongly deducted by bank $110 $1,120 Balance as per cash book $5,562 $5,562 Answer 5 Option A. outstanding checks Answer 6 Answer 7 Option B. 1 Answer 8 Option C. not have access to the accounting records for that asset. Option D. total assets will increase and total liabilities will increase the reconciled cash balance at the end of the month Option D. The task of preparing the budget should be the sole task of the accounting department.
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Option A. understatement of expenses Answer 9 Answer 10 $600 $400 $800 Payment made to the supplier (d = a + c - b) $1,000 Answer 11 Option E. Cash A/c……………………………………Dr. $500 To Accounts Receivable A/c $500 Answer 12 August September Sales $150,000 $180,000 Purchase $100,000 $120,000 Details of payment and collection Collection 30% 70% Payment 25% 75% Opening Cash Balance $7,500
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