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

6. Internal Controls and Reporting Cash

Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Bank Reconciliation

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

In the context of bank reconciliation, in which account would you expect to see payments received but not yet deposited?

Petty Cash

Accounts Receivable

Undeposited Funds

Cash Over and Short

Previous problemNext problem

Verified step by step guidance

Understand the concept of bank reconciliation: Bank reconciliation is the process of comparing the bank statement with the company's accounting records to identify discrepancies and ensure accuracy.

Identify the nature of payments received but not yet deposited: These are payments that the company has received but has not yet physically deposited into the bank account. They are temporarily held in an intermediary account.

Recognize the purpose of the 'Undeposited Funds' account: This account is used to record payments received but not yet deposited. It acts as a holding account until the funds are deposited into the bank.

Compare the other options provided: Petty Cash is used for small, immediate expenses; Accounts Receivable represents amounts owed by customers; Cash Over and Short is used to record discrepancies in cash handling. None of these accounts are appropriate for payments received but not yet deposited.

Conclude that the correct account for payments received but not yet deposited is 'Undeposited Funds,' as it accurately reflects the temporary holding of these payments before they are deposited into the bank.