In the Bank Reconciliation Process, Service Fees Should Be

question 68

Multiple Choice

In the bank reconciliation process, service fees should be

• A) added to the bank statement balance.
• B) subtracted from the bank statement balance.
• C) added to the chequebook balance.
• D) subtracted from the chequebook balance.
• E) added to direct deposits.

---

Definitions:

Swaps

Financial derivatives where two parties agree to exchange cash flows or other financial instruments for a set period of time.

Currency Swaps

Bilateral agreements to exchange periodic payments where the payments are based in two different currencies.

Financial Intermediary

An institution that facilitates the channeling of funds between lenders and borrowers indirectly.

LIBOR

London Interbank Offered Rate; the rate that large banks in London charge one another.