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What the outstanding certified check should be

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Reference no: EM132745974

Problem 1: A compensating balance

a. is part of "cash" account

b. which is legally restricted and related to a long-term loan is shown as non-current assets

c. which is legally restricted and related to a short-term loan is shown separately as current assets

d. all of the above

Problem 2: A withdrew from his current bank account the sum of P20,000 and exchanged it for the bank's certified check in payment of obligation. In the preparation of the bank reconciliation of A, the outstanding certified check of P20,000 should be:

a. included among the outstanding checks

b. included among the deposits in transit

c. ignored

d. answer not given

Reference no: EM132745974

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