The Items Listed Below Were Identified While Preparing a Bank

question 88

Multiple Choice

The items listed below were identified while preparing a bank reconciliation for the company's checking account as of March 31.Cash balance according to the general ledger


-Refer to Dance Town Academy. How will the customer's bounced checks be handled on a bank reconciliation?

• A)add to the balance from the company records
• B)subtract from the balance from the company records
• C)add to the bank statement balance
• D)subtract from the bank statement balance

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Definitions:

Justifiable Reliance

The reasonable trust placed by one party in the representations of another, particularly in situations leading to contracts or agreements.

Noncontractual Promise

An assurance or pledge not bound by a formal contract and generally not enforceable by law.

Material Misrepresentation

Providing false or misleading information of significant importance, intentionally or accidentally, which can impact contractual agreements or decisions.

Voidable

A legal term referring to a transaction or agreement that is valid until one of the parties involved decides to void it.