The Bank Reconciliation

question 89

Multiple Choice

The bank reconciliation

• A) must be done on a daily basis if the client uses electronic banking.
• B) should be performed by someone independent of the handling or recording of cash receipts.
• C) should be performed by someone who handles cash disbursements.
• D) ensures that no cash has been embezzled.

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Definitions:

Serial Position Effect

Our tendency to recall best the last and first items in a list.

Recall

The act of retrieving information or memories from the past without the aid of cues, differing from recognition which involves identifying information from provided options.

Mnemonic

A device or technique, often involving an association of terms, used to help remember information or facts.

Acronym Formation

The process of creating a new word from the initial letters of a phrase, intended for easier memorization or communication.