True fales

1. After a bank recalculation has been completed, journal entries must be made to adjust the bank statement balance to its correct balance.

2. The allowance method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period.

3. Checks written and recorded by the depositor not yet paid by the bank at the bank statement date are considered outstanding

4. Petty cash disbandments are always made check.

5. An overage in cash at a cash register is recorded as a debit to the cash over and short account.

6. The safeguarding of assets is an objective of a companys system of internal contract.

7. a segregation of duties among employees eliminates the possibility of collusion. F

8. The petty cash fund eliminates the need for a bank checking account. F

9. a bank reconciliation is generally prepared by the bank and sent to the depositor along cancelled checks. F

10. under the allowance method bad debts expense is debited when an account must be written off.