In a Bank Reconciliation, an EFT Cash Receipt Is

question 83

Multiple Choice

In a bank reconciliation, an EFT cash receipt is:

• A)added to the bank balance.
• B)deducted from the bank balance.
• C)added to the book balance.
• D)deducted from the book balance.

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Definitions:

Receipts

Written acknowledgments of having received something, typically used for transactions and proof of payment.

Accrual Basis

An accounting method that records revenues and expenses when they are earned or incurred, regardless of when the cash is actually received or paid.

Cash Basis

An accounting method where revenues and expenses are recognized when cash is received or paid, not when incurred.

Operations

The day-to-day activities required for the running of a business or an organization, focusing on the production and delivery of goods and services.