[Anonymous]

On an MCQ, you are given a checkbook balance and a list of potential reconciling items. One of the potential reconciling items says, “check drawn on Ral Corp’s account, payable to a vendor, dated and recorded in Ral’s books on December 31, 2011, but not mailed until January 10, 2012. The solution says you are to INCLUDE this in the cash balance b/c a postdated check is not acceptable for deposit and therefore is not considered cash.

On a SIM in the same module, they give you a list of items and you have to mark either Cash or Not Cash. So, on the one that says “Postdated check for customers,” I marked Cash using the same reasoning from the solution to the MCQ above. However, the answer says “Not Cash.” If it said “FROM customers” this would make sense, but it clearly says “FOR” customers.

Do you think this is a mistake (it is the Wiley book after all!)? Or am I missing something here?

If anyone wants to refer to this in the book, it’s MCQ 2 and SIM 5 in Module 12.

[Anonymous]

NM – I figured it out. It depends on when control is given up.

[Author]

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