John Calvin C.

Gerolao
ABM 12-GOKONGWEI
ACTIVITY 2 FAMB2

1. What do you call the column that represents the deposits or additions to your account that was made
by the bank?
- Credit column
2. What do you call the column that represents all the charges or deduction made by the bank?
- Debit column
3. This is the monthly fee charged by the bank for its services.
- Bank service charge.
4. What is DAIF and DAUD?
- Drawn Against Insufficient Fund and Drawn Against Uncleared Deposits
5.
6. Give 1 sample of credit transaction.
- Collection of cash proceeds from notes receivables.
7. A report which compares the bank balance as per company’s accounting records with the balance
stated in the bank statement.
- Bank reconciliation
8. It prevents one of the parties (company or the bank) from recording the transaction in the same period
as the other party.
- Time lags
9. It’s either party in recording transactions.
- Errors
10. This is the most vulnerable asset of an entity.
- Cash
11-13. What is the three methods of preparing bank reconciliation statement?
- Adjusted Method, Book to Bank Method, Bank to Book Method.
14 -15. What do you call the checks that have been written and recorded in the company's Cash account
but have not yet cleared the bank account or presented to the bank by the payee?
- Outstanding checks
16. it is the mistakes made by the bank.
- Bank errors
17. What do you call the fees deducted from the bank statement for the bank's processing of the checking
account activity.
- Bank service charges
18. it is a check that was not honored by the bank of the person or company writing the check because that
account did not have a sufficient balance.
- NSF check
19-20 What is the breathing exercise? Do it. (baka kasi nahirapan kayo ih, just kidding) –bonus