An Analysis That Explains Any Differences Between the Checking Account

question 54

Multiple Choice

An analysis that explains any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement is a(n) :

• A) Internal audit.
• B) Bank reconciliation.
• C) Bank audit.
• D) Trial reconciliation.
• E) Analysis of debits and credits.

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Definitions:

Repair Costs

Expenses incurred to fix or restore damaged or worn-out goods or property to their original condition.

Legal Action

A process by which a court of law is engaged to pursue a legal remedy, often involving litigation.

Differing Standards

Variations in rules, regulations, or norms across different areas, organizations, or systems.

Bailments

involve the temporary transfer of possession of personal property from one party to another, under a contract, for a specific purpose.