If the Month-End Bank Statement Shows a Balance of ¥360,000

question 91

Multiple Choice

If the month-end bank statement shows a balance of ¥360,000, outstanding checks are ¥120,000, a deposit of ¥40,000 was in transit at month end, and a check for ¥5,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is

• A)¥275,000.
• B)¥285,000.
• C)¥205,000.
• D)¥435,000.

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Definitions:

Fraudulent Misrepresentation

A false statement made knowingly or recklessly designed to induce another party to enter into a contract.

Scienter

Knowledge of wrongdoing or fraudulent intent, often required to be proven in cases of securities fraud.

Unilateral Mistake

A situation in contract law where only one party is mistaken about a basic assumption on which the contract is based.

Subjective Value

The worth or importance of something based on personal preferences, opinions, or experiences, rather than its objective market value.