Which of the Following Is NOT an Objective of a Bank

question 3

Multiple Choice

Which of the following is NOT an objective of a bank reconciliation?

• A)Detection of errors.
• B)Update the checking account for unrecorded increases and decreases in cash.
• C)It is a great internal control that involves comparing actual assets at the bank with accounting records.
• D)The reconciliation ensures that the owner's personal expenses are not included in the business expenses.

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Definitions:

Special Plan

A customized strategy or program designed to address specific objectives or requirements.

Serial Number

A unique identifier assigned to individual items, typically for tracking, identification, and inventory purposes.

Liability

The state of being legally responsible for something, particularly for debts or legal obligations.

Bankruptcy and Insolvency Act

Canadian law that provides the legal framework for dealing with the financial distress of individuals and businesses.