Exam2 - Flashcards(2) - Book Add to Book Bank collections...

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Cash Receipts Payments by Check
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Purchase requests, purchases orders, receiving report; often are exceptions for smaller items. Lockbox system; if by mail, the checks and remittance advices should ideally be separately entered.
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Excess Cash Budget
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A plan of a business’s activities, which is expressed in dollars. Pay back debts or use interest.
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Book Value Not Enough Cash
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Need to borrow from bank. The price that was paid to acquire the asset.
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Add to Bank Trading Securities
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Reported on the balance sheet at their market value as opposed to their book value. Deposits in Transit
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Add/Subtract to Bank Subtract from Bank
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Outstanding Checks Errors made by the bank
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Add/Subtract to
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Unformatted text preview: Book Add to Book Bank collections Electronic Fund Transfer (EFTs) Add to Book Subtract from Book Service Charges Interest Revenue Add/Subtract to Book Subtract from Book Non-Sufficient Funds (NSF) Checks Errors made by the company Outstanding Checks Deposits in Transit Bank balance – always ADD: Bank balance – always SUBTRACT: 1. Bank Collections 2. Interest Revenue 3. EFT Receipts Corrections of Bank Errors Bank balance – always ADD or SUBTRACT: Book balance – always ADD: Corrections of Book Errors 1. Service Charges 2. NSF Checks 3. EFT Payments Book balance – always SUBTRACT: Book balance – always ADD or SUBTRACT...
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This note was uploaded on 08/30/2011 for the course ACG 2021 taught by Professor Hornik during the Fall '08 term at University of Central Florida.

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Exam2 - Flashcards(2) - Book Add to Book Bank collections...

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