If a Check Correctly Written and Paid by the Bank

question 64

Multiple Choice

If a check correctly written and paid by the bank for $491 is incorrectly recorded on the company's books for $419, the appropriate treatment on the bank reconciliation would be to

• A) add $72 to the book's balance.
• B) subtract $72 from the book's balance.
• C) deduct $72 from the bank's balance.
• D) deduct $491 from the book's balance.

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Definitions:

Fee Simple

A legal term referring to the most complete ownership of land or property by an individual, which includes the rights to use, sell, or inherit the property.

Mineral Rights

The ownership rights to underground resources such as oil, gas, and minerals.

Surface

Surface generally refers to the exterior or outermost boundary of an object or the top layer of something.

Rights to the Sky

Legal rights related to the use and control of the airspace above a piece of land, often impacting construction and property law.