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

When a person fills out a deposit slip to deposit $1,000 in cash into their bank account, how much cash does the person receive at the time of the deposit?

$1,000

$2,000

$500

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Verified step by step guidance

Understand the concept of a deposit slip: A deposit slip is a document provided by a bank that a customer fills out to deposit money into their account. It records the amount being deposited and serves as proof of the transaction.

Recognize that when cash is deposited into a bank account, the depositor does not receive any cash back unless they specifically request a withdrawal or cash back during the transaction.

Analyze the problem: The person is depositing $1,000 in cash into their bank account. The deposit slip indicates the amount being deposited, but there is no mention of a withdrawal or cash back request.

Conclude that the person does not receive any cash at the time of the deposit because the entire $1,000 is being added to their bank account balance.

Verify the correct answer: Based on the explanation, the correct answer is $0, as no cash is returned to the depositor during a standard deposit transaction.