Which of the Following Is an Example of a Bank

question 119

Multiple Choice

Which of the following is an example of a bank reconciliation item that requires an adjusting entry?

• A)NSF check.
• B)Deposit in transit.
• C)Bank error.
• D)None of these items requires an adjusting entry.

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Definitions:

Principal

A primary actor or agent in a financial transaction, often used to describe the main party responsible for an obligation in a financial contract.

Perform Work

The act of carrying out tasks or duties, usually in the context of employment or professional obligations.

Notify Principal

The action of informing the principal party or main authority about relevant or important information.

Limited Liability Company

An organizational form that merges the limited liability offered by a corporation with the partnership or sole proprietorship's benefit of pass-through taxation.