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Which of the items would be added to the balance reported

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Reference no: EM132745960

Problem 1: A good internal control system provides procedures for:

a. Making payments from the day's collections.

b. Preparing regular bank reconciliation.

c. Allowing one person to receive cash and to record cash receipts.

d. Delaying the deposit of cash collections because no one knows for sure the account to be credited

Problem 2: In preparing a monthly bank reconciliation, which of the following items would be added to the balance reported on the bank statement to arrive at the correct cash balance?

a. Bank service charge

b. Outstanding checks

c. Deposit in transit

d. A customer's note collected by bank on behalf of the depositor.

Reference no: EM132745960

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