Outstanding Cheques from the Prior Period Which Clear the Bank

question 88

Multiple Choice

Outstanding cheques from the prior period which clear the bank in the current period

• A)should be added to the balance per books.
• B)should be deducted from the balance per books.
• C)should be deducted from the balance per bank.
• D)do not affect the current period's bank reconciliation.

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Definitions:

Months

Units of time, approximately 30 or 31 days long (except February), used in calendars to divide the year.

Years

Units of time that represent a duration of approximately 365 days, used as a measure of time passing.

Discretionary Policy

A type of fiscal or monetary policy that involves non-automated, active decisions by policymakers to influence economic conditions.

Time Lag

The delay between the cause or initiation of an event and its effect or outcome, often used in the context of economic policy impacts.