Match Six of the Terms (A-K) with the Descriptions/definitions Provided

question 3

Short Answer

Match six of the terms (a-k) with the descriptions/definitions provided below (1-6):
a. Bank reconciliation
b. Branch cash account
c. Cash equivalents
d. Cutoff bank statement
e. General cash account
f. Imprest payroll account
g. Imprest petty cash fund
h. Kiting
i. Proof of cash
j. Standard bank confirmation form
k. Lapping
________ 1. A fund of cash maintained within the company for small cash acquisitions, expenses, or to cash employees' checks.
________ 2. A form approved by the AICPA and American Bankers' Association through which the bank responds to the auditor about bank balance and loan information.
________ 3. Excess cash invested in short-term, highly liquid investments such as time deposits, certificates of deposit, and money market funds.
________ 4. The primary bank account for most organizations.
________ 5. The transfer of money from one bank account to another and improperly recording the transfer so that the amount is recorded as an asset in both accounts.
________ 6. The document usually prepared by client personnel of the differences between the cash balance recorded in the general ledger and the amount in the bank account.

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Definitions:

Underapplied Overhead

Occurs when the allocated factory overhead costs are less than the actual overhead costs incurred.

Overhead Applied

The process of allocating estimated overhead costs to specific jobs or activities based on a predetermined rate.

Customized Wedding Gowns

Bespoke bridal dresses that are tailored or specifically designed to meet the personal preferences and measurements of the bride.

Overhead Application Rate

A rate used to allocate indirect costs to products or job orders based on a predetermined formula.