Knowledge that Transforms

To make high-quality research more accessible and easier to explore.

Fields:
96 results ✕ Clear filters

THE TEACHERS' CLINIC.

S. Paul Garner; Ralph L. Boyd; Emanuel Saxe
The Accounting Review 1948 23(1), 91-96
Abstract Several forms of reconciliation schedule are in general usage. One begins with the balance per bank statement. Reconciling items are then added or subtracted until the final figure equals the balance per check stub. Another form begins with the balance per check stub and ends with the balance per bank statement. A third form shows the difference between the balance per bank statement and the balance per check stub. Then reconciling items are offset one against another until the difference is fully accounted for. A fourth form shows all items related to the records of the bookkeeper for the business in one section and all items related to the records of the bookkeeper for the bank in another section. The reconciling items are added and deducted in their proper sections and the final balances are shown to be in agreement. This is the divided form of reconciliation schedule. In preparing some of the reconciliation forms, students occasionally resort to mal and error methods to secure an agreement. They then find it necessary to search their reconciling items to locate those which require journalization to adjust the bank account balance in their records.

PROFESSIONAL EXAMINATIONS.

Henry T. Chamberlain
The Accounting Review 1948 23(1), 97-103
Abstract The article presents problems that were prepared by the Board of Examiners of the American Institute of Accountants and were presented as the first half of the November, 1947 Certified Public Accountants (C.P.A.) examination in accounting practice. One of the questions was given the information that Arnold, Bates and Cass, a co-partnership, after many years of successful operation as wholesalers, encountered a period of losses, as a result of which the partners agreed to dissolve the partnership and liquidate the business prepare a statement to show the amount of cash available for distribution to the partners at September 30, 1947, after reserving the full amount estimated to be required to complete the liquidation. Another statement to show how the cash available at September 30, 1947, should be distributed to the partners and a balance-sheet of the partnership, after giving effect to such distribution had to be prepared. any adjustments of prepaid or accrued items, except as indicated had to be disregarded.