A Bank Statement

question 30

Multiple Choice

A bank statement

• A)lets a depositor know the financial position of the bank as of a certain date.
• B)is a credit reference letter written by the depositor's bank.
• C)is a bill from the bank for services rendered.
• D)shows the activities that increased or decreased the depositor's account balance.

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Definitions:

Uncollectible

Refers to accounts receivable or other debts that are considered unlikely to be collected and may be written off as a loss.

Cash Receipts

The total amount of money, including cash, checks, and credit card payments, received by a business during a specific period.

Authority and Responsibility

The granting of power to make decisions and the accountability that comes with those decisions within an organization.

Budgeted Cash Receipts

An estimation of the cash inflows that the organization anticipates receiving during a particular period, often as part of a budgeting process.