1. A writeoff is the process of reinstating a customers account when it is deemed collectible.

True

False

2. An accounts receivable is usually evidenced by a formal promissory note.

True

False

3. The definition of cash only includes currency and bank accounts.

True

False

4. Which of the following is not a reconciling item when preparing a bank reconciliation?

a) bank service charges not recorded by the corporation

b) outstanding deposits

c) interest collected on a note receivable by the bank and recorded by the corporation

d) outstanding cheques