Two Announcers Are Used to Read Names at the Semiannual

question 53

Multiple Choice

Two announcers are used to read names at the semiannual commencement exercises held at a regional university in America's heartland. All students have their names read then walk briskly to the president who shakes their hand and offers them an empty diploma cover until such time that all financial obligations to the university have been met. The president greets about 900 students in an eight-hour day. The diploma covers come in boxes of 12 and it takes one hour to carry one from the receiving dock to the field house where the ceremony is held. The president likes to keep things moving, so he has requested a 50% safety factor. How many containers are needed?

• A)14
• B)13
• C)12
• D)1

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the issuing entity's books but have not yet been cashed or cleared by the bank.

Note Receivable

A written promise for amounts to be received, typically outlining the terms including payment amounts, interest rate, and due date.

Bank Reconciliation

A process that explains the difference between the bank balance shown in an organization's bank statement, as provided by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

Bank Reconciliation

The process of comparing and aligning a company’s financial records with those shown in its bank statement to ensure accuracy and completeness.