Bank Errors

question 81

Multiple Choice

Bank errors

• A) occur because of time lags.
• B) must be corrected by debits.
• C) must be corrected by the bank.
• D) are corrected by making an adjusting entry on the depositor's books.

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Definitions:

Treasurer Authorized

Refers to financial decisions or transactions that have been approved by the treasurer of an organization.

Principles Of Internal Control

Guidelines and procedures put in place by a company to safeguard its assets, ensure the accuracy and reliability of its accounting records, and promote operational efficiency.

Cash Receipts

The collection of money, including currency, checks, and electronic transfers, by a business during a given period.

Receipts Issued

Documents provided to customers or clients as proof of payment for goods or services received.