Outstanding Cheques from the Prior Period Which Clear the Bank

question 93

Multiple Choice

Outstanding cheques from the prior period which clear the bank in the current period

• A) should be deducted from the balance per books.
• B) do not affect the current period's bank reconciliation.
• C) should be deducted from the balance per bank.
• D) should be added to the balance per books.

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Definitions:

Sole Proprietorship

A business structure where a single individual owns and operates the business, bearing full responsibility for its debts and obligations.

Sole Proprietorship

A business structure where a single individual owns and operates the business, bearing sole responsibility for its debts and liabilities.

Capital

A financial resource that companies use for funding their operations, investing in their businesses, or acquiring assets.

General Partners

Individuals in a partnership who are fully involved in its operations and have unlimited liability for its debts and obligations.