What Item Is Not Found on a Bank Statement

question 25

Multiple Choice

What item is not found on a bank statement?

• A) outstanding checks
• B) fees and charges
• C) running balance
• D) outstanding deposits

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Definitions:

Internal Control

Processes and practices implemented to safeguard a company's assets, ensure financial reporting accuracy, and comply with regulations.

Customer's Ledger

A detailed record keeping of all transactions between a business and its customers, often part of the accounts receivable.

General Ledger

A comprehensive set of accounts that records all financial transactions of a business, used to prepare financial statements.

Accounts Receivable

Funds due to a company from its clients for goods or services rendered but payment has not been received yet.