The Set of Items Below Was Identified in Preparing a Bank

question 48

Short Answer

The set of items below was identified in preparing a bank reconciliation for Heath Corp. as of August 31, 2014.

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Definitions:

Maturity Value

The amount payable to the holder of a financial instrument at its maturity date.

Note Payable

A written promise to pay a certain amount of money, typically including interest, by a certain date; a form of credit or loan.

360-Day Year

An accounting practice that simplifies interest calculation by assuming a year has 360 days.

Product Warranty Expense

Costs incurred by a company due to repairing or replacing products under warranty.