To Arrive at an Accurate Balance on a Bank Reconciliation

question 71

Multiple Choice

To arrive at an accurate balance on a bank reconciliation statement,an error made by the bank in which the bank deducted a check issued by another business from the balance of the company's bank account should be

• A) added to the bank statement balance.
• B) added to the book balance.
• C) deducted from the bank statement balance.
• D) deducted from the book balance.

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Definitions:

Total Compensation

The complete package of salary, benefits, bonuses, and other financial and non-financial rewards provided to employees in return for their work.

Strategic Basis

The foundational approach or rationale underlying the formulation of strategies within an organization or project.

Scanlon Plan

A participative management method that focuses on productivity improvement and labor cost savings, with financial benefits shared among employees.

Labor Cost Savings

Reductions in expenses associated with employee compensation, including wages, benefits, and other payroll-related costs.