When You Are Reconciling a Bank Statement, It's Recommended That

question 29

Multiple Choice

When you are reconciling a bank statement, it's recommended that you do the following:

• A)List your balance
• B)List your bank statements balance
• C)Record checks outstanding
• D)Record deposits outstanding
• E)All of these

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Definitions:

Income Statement

A financial statement that shows a company’s revenue and expenses over a specific period, determining its profit or loss.

Expense Accounts

Accounts used in accounting to track the consumption of economic resources or the incurrence of liabilities in the operation of a company.

Credits

Entries made on the right-hand side of an account, representing gains or increases in liabilities, income, or equity.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.