To Set Up the Accounts for Recording Bank Deposit Transactions

question 14

Multiple Choice

To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required -

• A)create a separate account for the undeposited receipts
• B)set up the bank account receiving the deposits for account reconciliation
• C)choose the undeposited receipts account as the account for receipts and cash sales
• D)assign the bank or cash class to the undeposited receipts account

---

Definitions:

Dick's Sporting Goods

An American sporting goods retail company that offers a wide range of sports gear, equipment, apparel, and footwear.

Extreme-Value Retailer

A retail format focusing on offering extremely low prices on a wide range of products, often in a no-frills shopping environment.

Single-Price Retailer

A retail store that sells every item in its inventory at the same fixed price, offering simplicity and consistency to customers.

Specialty Outlet

A retail store that focuses on selling a specific type of merchandise, offering specialized knowledge and a broader selection than general stores.