Which of the Following Statements Is True About Electronic Banking

question 18

Multiple Choice

Which of the following statements is true about electronic banking?

• A) The computer computes the new balance each time you record a check.
• B) You will no longer be responsible for recording and depositing checks.
• C) The computer used for banking must be locked up at the end of the day.
• D) You must still reconcile the bank statement on paper.
• E) Cash flow in the office becomes slower and more difficult.

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Definitions:

Revenue Journal

A specialized accounting journal used to record all sales transactions of a business, tracking the inflow of revenue.

Adjusting Journal Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditures to the correct period.

Special Journal

A specialized accounting journal designated for the recording of specific types of transactions, such as sales or purchases, to increase efficiency and organization.

General Journal

A primary accounting record used for recording all types of financial transactions, providing a chronological record of all business activities.