Principle of Accounting & Negative Balance of the Company - Accounting Assignment Help

Assignment Task

Task
Q1-In a Cash Flow:
i An increase in an asset represents an outflow of cash
ii An increase in a liability represents an inflow of cash
iii An increase in a liability represents an outflow of cash
iv An increase in an asset represents an inflow of cash
v A decrease in an asset represents an inflow of cash
vi A decrease in a liability represents an inflow of cash
vii A decrease in a liability represents an outflow of cash
viii A decrease in an asset represents an outflow of cash

In respect of the 8 statements above which of the following combinations is true?

Q2
At 31.3.21, the bank statement of Company 2 showed a negative balance of $9,550. The cash book balance at that date was a credit balance of $9,066. When comparing the bank statement to the cash book, it is evident that the bookkeeper was unaware that bank charges of $150 had been charged by the bank on 30.3.21 and a $960 cheque received and banked on 25.3.21 was bounced by the bank on 30.3.21. Uncleared receipts at 31.3.21, which went through the bank clearing system on 4.4.21, totalled $1,410. What was the total of the unpresented bank payments at 31.3.21 which went through the bank clearing system during April 2021?

A- $2,036
B- $1,493
C- $665
D- $3,446

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