Question 22,23,24,25

22. Which of the following items reconciling the balance on the cash account to the balance shown on the bank statement are referred to as timing differences? i) Bank charges not recorded in the cash account ii) Interest charges not recorded in the cash account iii) Outstanding deposits iv) Unpresented cheques a. (i) and (ii) b. (ii) and (iv) c. (ii) and (ii) d. (i) and (v) TO ht 23. Nadir's trial balance includes the following items: Vehicle $150,000, Inventory $35,000, Accounts Payables $14,000, Account Receivables $6,000, Cash $170,000. What is the figure for current assets? a. $164,000 b. $180,000 C. $211,000 d. $361,000 accounts 24. Which of the following accounts should be entered in the credit column of a trial a. Cash b. Purchases C Sales d. Wages 25. Duane prepares a trial balance for his business's accounts every month. Why should he prepare trial balance? whts To balance all the ledger accounts To calculate the monthly figure for profit To check if any transactions have been omitted To check the arithmetical accuracy of the accounting records