The Bank Statement for a Checking Account Normally Shows the

question 100

Multiple Choice

The bank statement for a checking account normally shows the

• A) amounts of deposits to be made.
• B) amount of deposits and other credits added during the period.
• C) checks written but not yet cashed.
• D) amounts to be collected by the bank for the depositor's account.

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Definitions:

Specific Identification

An inventory valuation method that tracks the cost of individual items or batches of items throughout the purchasing and sales process.

FIFO Method

A method of inventory costing that assumes the first goods purchased are the first goods sold, affecting the cost of goods sold and ending inventory valuation.

LIFO Method

An inventory management and valuation approach where the last items placed in inventory are the first ones sold.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to ensure financial statements are consistent and transparent.