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    beadwoman's Avatar
    beadwoman Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 8, 2008, 06:32 PM
    Bank Drafts, if material
    Bank overdrafts, if material, should be
    a. reported a deduction from the current assset section
    b. reported as a deduction from cash
    c. netted against cash and a net cash amount reported
    d. reported as a current liability

    The book say D, but C doesn't compute. Is this a trick question.

    beadwoman
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Apr 10, 2008, 10:32 PM
    It's not a "trick" question. It's a technicality, and apparently a rule you're supposed to know.

    If you overdraft your bank account, you OWE THE BANK the money back. :-)
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