What Is the Sequence of Steps to Complete Bank Reconciliation

question 6

Multiple Choice

What is the sequence of steps to complete bank reconciliation?

• A)Accounting> Reports > Recommended Reports > Journal Entry.
• B)Gear > Audit Log > Account and Settings.
• C)Accounting > Chart of Accounts > 101 Checking > Reconcile.
• D)All of these.
• E)None of these.

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Definitions:

U.S.GAAP

United States Generally Accepted Accounting Principles, which are the set of accounting standards used for financial reporting in the U.S.

Accrual-Basis

An accounting method that records income 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 recorded when they are actually received or paid, not when they are incurred.

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specific period of time.