Electronic funds transfers (EFT) discovered on the bank statement _______.Multiple choice question.mean that checks have not cleared the bank and will need to added back to your cash balancewill need to be adjusted on your records because your cash balance is affectedmean that a deposit is in transit and will need to be added back to your cash balanceare not reconciling items as they do not affect the cash balance in your records

Electronic funds transfer (EFT) is a disbursement system that transfers cash from one location to another using: Group of answer choices telephone telegraph computer all of these

Which of the following would be added to your cash balance based on the information on your bank statement?Multiple choice question.Deposits in transitOutstanding checksInterest deposited

Which of the following statements is incorrect?Select one:a.The practice of transferring rounded amounts is acceptable.b.If a law firm uses electronic banking (EFT’s) in respect of payments from the trust account to the business account the law firm shall keep a proper audit trail, which shall include verification of the payee’s banking account details.c.The exact amount owing on the business account of the client should be transferred.d.The law firm must ensure that adequate internal controls are implemented in order to ensure compliance with the rules as well as to ensure that trust funds are safeguarded.

A bank provides a chronological list of EFTs, NSFs, deposits, withdrawals, interest and other miscellaneous charges affecting the depositor's account.

When adjusting the company's cash account balance in a bank reconciliation, which item must be added to the cash account balance?Multiple choice question.Outstanding checksCharges for NSF checksCollections of funds by the bankDeposits outstanding