Match the Following Terms with Their Correct Definition

question 144

Multiple Choice

Match the following terms with their correct definition.
-A bank reconciling item that must be subtracted from the unadjusted bank balance when preparing a bank reconciliation

• A)Bank reconciliation
• B)Deposit in transit
• C)Non-sufficient funds check
• D)Outstanding check
• E)Service charges

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Definitions:

International Standards

These are agreements set by international organizations that dictate certain specifications, guidelines, or characteristics to ensure products, services, and systems are safe, reliable, and interchangeable worldwide.

IFRS

A collection of accounting principles formulated by the International Accounting Standards Board, known as International Financial Reporting Standards, that aid in the global creation of financial reports.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards used in financial reporting within the United States.

Proprietorships

A business structure where a single individual owns and runs the business, bearing unlimited liability for its debts and obligations.