Chapter 9

Question 1

Define outstanding lodgement

Answer 1

Check that I’ve been received and recorded in the cashbook debit side but do not appear on the bank statement

Question 2

Define unpresented checks

Answer 2

Check payments that have been recorded in the cashbook credit side but do not appear on the bank statement

Question 3

Define counter credit

Answer 3

Cash and checks paid into the businesses bank account at the bank account by someone from the business

Question 4

Define dishonoured check

Answer 4

Check that is paid into a businesses bank account and then is returned by the draweers bank unpaid

Question 5

If a task states the bank account is in credit, what does this mean for the business?

Answer 5

Debit