In Performing a Bank Reconciliation, a Clerk Notices That a Check

question 59

Multiple Choice

In performing a bank reconciliation, a clerk notices that a check sent to the bank for deposit at month end had not been recorded before the bank statement was prepared. In completing the bank reconciliation, the clerk should identify the amount of the check as ________.

• A) an outstanding check
• B) a deposit in transit
• C) a bank credit
• D) a bank error

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Definitions:

Supply

The total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.

Buyers and Sellers

Participants in a market who exchange money for goods or services, where buyers provide the money and sellers provide the goods or services.

Markets

Markets are arenas in which buyers and sellers come together to exchange goods, services, or financial instruments at determined prices.

Equilibrium

A situation in the market where demand matches supply, resulting in steady prices.