This Report Breaks Down Every Transaction During a Period of Time

question 16

Multiple Choice

This report breaks down every transaction during a period of time into debits and credits and displays them chronologically.

• A)Customer balance summary.
• B)Vendor balance summary.
• C)Profit and Loss.
• D)Journal.
• E)All.

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Definitions:

Bank Service Charge

Fees charged by a bank for the use of its services, such as account maintenance, wire transfers, and overdraft fees.

Bank Statement Adjustment

The process of reconciling the balance of a bank account in the company's ledger with the balance reported on the bank statement, adjusting for items like outstanding checks or deposits in transit.

Company Books Adjustment

Modifications made to the entries in a company's accounting records, to correct errors or update the books to more accurately reflect financial positions.

EFT Deposit

EFT Deposit refers to the electronic transfer of funds from one bank account to another, commonly used for direct deposit of paychecks and other types of payments.