____________ are fees deducted from the statement for the bank’s processing of the checking account activity.

Preparations of bank reconciliation helps in the identification of _________ in the accounting records of the company or the bank

These are the amounts already received and recorded by the company, but are not yet recorded by the bank

It is one of the methods in preparing bank reconciliation statement wherein the balances per bank and per book are separately determined.

Statement I- Bank reconciliation statements are prepared to reconcile the difference between cash book and bank balance.

Statement II – Bank reconciliation statements is prepared by the account holder

In the bank reconciliation process, the first step is to ___________ on the bank statement to the true, adjusted, or corrected balance

Statement I – A bank reconciliation statement is a statement showing the causes of a difference between the cash book and the passbook balance.

Statement II – Bank reconciliation statements detect errors which have been committed.

A check was issued to Meralco by the company amounting to P1000. The company recorded this as P100. When the check was presented, the bank paid Meralco P1,000. In the records of the company it was P100 while in the records of the bank it’s P1,000. This is an example of which common discrepancy

Statement I – A business receives a bank statement and updates its disbursement.

Statement II – Bills that are collected by the bank in behalf of the customer is one of the reasons why differences arise between reciprocal accounts.

The power of the government to collect taxes that will be used to finance the different projects needed by the people.

The second step of the bank reconciliation is to ______________.

A _______________ is a monthly report provided by the bank to the depositor which shows the following information: beginning-of-month cash balance, total deposits made by the depositor and other bank credits during the month, total checks paid by the bank and other bank charges during the month, and end-of-month cash balance.

The company has an unadjusted book balance of P150,000.00. It has a deposit in transit worth P48,000.00 and outstanding check worth P13,000.00. The bank statement received from the bank shows that the interest income worth P38,000.00 was credited and the service charge of P19,000.00 was deducted. How much is the adjusted cash balance for the period?

The company has an unadjusted book balance of P150,000.00. It has a deposit in transit worth P48,000.00 and outstanding check worth P13,000.00. The bank statement received from the bank shows that the interest income worth P38,000.00 was credited and the service charge of P19,000.00 was deducted. How much is the unadjusted bank balance?

This is the process by which our government, through our lawmakers, raises income to pay its necessary expenses.

For the month of January 2021, De Leon company issued the following checks as recorded in its Cash Disbursement Journal:

Check Date                       Check No                    Payee               Amount

1/12/2021                          1231                            Joyce               1,000

1/10/2021                          1232                            Mica                7,000

1/15/2021                          1233                            Sydney            5,400

1/18/2021                          1234                            Anika              3,700

1/30/2021                          1235                            Loraine            3,200

As per the bank statement received by tope, the following checks were presented and paid by the bank 

Check No                          Payee                           Amount

1231                                  Joyce                           1,000

1234                                  Anika                          3,700

1235                                  Loraine                        3,200

            Required: Identify outstanding checks as of end of January 2021

What is the result if the 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?

Taxation is the process by which our government raises income to pay its necessary ___________.

This is a kind of income received by employees working in different companies. This is often in the form of salaries, bonuses, and allowances.

The primary purpose of taxation is to provide the proper needed to run the government.

This is the power of the government to take private property, upon payment of just compensation, to be used for a public purpose.

These are amounts that can be deducted to certain individuals from their gross income before it will be subjected to the income tax.

A bank statement that ends January 30, 2015 and then the company was able to collect cash of P20,000 at 5:00 PM. Bank usually closes at 3:00 PM because of this, the cash collected will not be reflected in the bank as deposit but it is however recorded in accounting records of the company. This is an example of _____________.

Ms. Cherry is a widow and a resident Alien. How much is her additional personal exemption?

Mr. Lim is an NRA-NETB, single, and has four dependent children. How much is his total personal exemption?

Dindo is married and a non-resident citizen with one qualified child. How much is his total exemption?

A retail store deposits its cash receipts on August 31 into the bank's night depository at 10:00 p.m. on August 31. The bank will process this deposit on the morning of September 1. As of August 31 (the bank statement date) this is a _____________.

Ms. Joyce, a resident citizen, supports her stepfather and three stepbrothers. How much is her total personal exemption?

Mr. Ariel is a resident citizen with two legally adopted and three naturally adopted children. How much is his exemption?

The power of the government to collect taxes that will be used to finance the different projects needed by the people.

On January 29, 2015, Juan issued a check to Maria amounting to P2,000. The checks were then recorded by Juan in his books as a deduction to his cash. It so happens that the bank was closed on that day and Maria was able to visit the bank and have it encashed on February 1, 2015 only. In the bank statement received by Juan from his bank ending January30,2015, the P2,000 check was not deducted however it was already deducted in the books of Juan on January 29, 2015. The P2,000 check is called _______________.

Ms. Grace is legally separated and a NRA-ETB. Her country is giving a ₱33,000 personal exemption to Filipinos. How much is her total personal exemption?

Mr. MGT is a resident citizen and has two children at the start of the year. During the year, the eldest child married, the second child died in an accident, and his wife gave birth to their third child. How much is his total exemption?

What is the Primary implementing agency of Governing tax law in the Philippines?

He or she is a citizen of another country and does not reside here in the Philippines.

The burden of taxation should be proportionate to the ability of the taxpayer to pay it. What principle is this?

How much is the total amount of granted personal exemption of all individual tax payers?

Jade De Leon generated annual compensation income of P565,000. Statutory payments   are as follows: SSS – P 5,865.60; Philhealth - P 4,650; Pag-ibig Contribution – P 1,300. Total: P 11,815.6 Tax exempt 13th month pay and other bonuses – P 48,000. How much is the gross taxable compensation income of Jade De Leon?

The Primary purpose of taxation is to provide the proper needed to run the government