An Error Made by the Bank Should Result in a Reconciling

question 107

True/False

An error made by the bank should result in a reconciling item on the book side of a bank reconciliation.

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Definitions:

Authorized Transactions

Transactions that are approved or processed, especially in the context of financial dealings or other formal agreements.

Agent

A person or entity authorized to act on behalf of another person or entity, typically in commercial or legal matters.

Scope Of The Agency Relationship

The range of actions and decision-making authority granted to an agent by their principal.

Principal's Liability

Legal responsibility of the principal for the acts of their agent that are carried out within the scope of the agent's authority.