The Cash Records and the Bank Statement of Frankel Company

question 107

Multiple Choice

The cash records and the bank statement of Frankel Company showed the following at the end of February 2010:
Outstanding checks as of the beginning of February 2010,$8,000; checks written by Frankel Company according to their books during February 2010,$50,000; and checks cleared by the bank during February 2010,$54,000.How much were the outstanding checks at the end of February 2010?

• A)$2,000
• B)$4,000
• C)$6,000
• D)$8,000

Comprehend the legal responsibilities of innkeepers and the rights of their guests.

Distinguish between tangible and intangible personal property.

Understand the conditions under which a person can claim ownership or possession of property.

Recognize the legalities involved in conditional gifts and their revocability.

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Definitions:

Private Enterprises

Businesses owned by individuals or groups, not by the state, operating for profit in a free market.

Loans

Borrowed sums of money that are expected to be paid back with interest.

Tariffs

Taxes imposed by a government on goods and services imported from other countries, used to control trade, raise government revenue, or protect domestic industries.

Import Quotas

Import Quotas are government-imposed limits on the quantity of certain goods that can be imported, aiming to protect domestic industries.