The Client Should Receive Both a Bank Statement from the Bank

question 35

Multiple Choice

The client should receive both a bank statement from the bank and a statement from vendors on a _______.

• A)weekly basis
• B)quarterly basis
• C)monthly basis
• D)yearly basis

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Definitions:

Balance

The equality between the sum of the debits and credits in an account, or the stability between opposing forces.

Compounded Annually

Refers to interest calculated once a year on the principal, including any previously earned interest.

Balance

In mathematics, the state in which both sides of an equation or an inequality have equal values or weights.

Compounded Monthly

The process of applying interest on both the initial principal and the accumulated interest of previous periods on a monthly basis.