If You Have a Checking Account at a Local Bank

question 104

Multiple Choice

If you have a checking account at a local bank, your bank account there is

• A) an asset to the bank and an asset to you.
• B) a liability of the bank and a liability of yours.
• C) a liability of the bank and an asset to you.
• D) an asset to the bank and a liability of yours.

---

Definitions:

Closing Process

The accounting procedures used to finalize records and prepare accounts for the next accounting period.