Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Which of the following statements is true regarding the recording of cash and checks on a deposit slip?

Cash and checks are combined into a single total on the deposit slip.

Only cash is listed on the deposit slip; checks are recorded elsewhere.

Only checks are listed on the deposit slip; cash is not included.

Cash and checks are listed separately on the deposit slip.

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Verified step by step guidance

Understand the purpose of a deposit slip: A deposit slip is a document provided by a bank that allows customers to itemize the cash and checks they are depositing into their account. It serves as a record for both the customer and the bank.

Recognize the importance of separating cash and checks: Banks require cash and checks to be listed separately on the deposit slip to ensure accurate processing and reconciliation. This separation helps the bank verify the amounts and identify any discrepancies.

Identify the correct procedure for recording cash: On the deposit slip, there is typically a designated section where the total amount of cash being deposited is recorded. This ensures clarity and proper accounting of the cash deposit.

Identify the correct procedure for recording checks: Each check being deposited is usually listed individually on the deposit slip, including details such as the check number and amount. This allows the bank to track and process each check accurately.

Conclude that cash and checks are listed separately: Based on the standard practices of banks, cash and checks are itemized separately on the deposit slip to ensure proper documentation and processing. This is the correct answer to the problem.