If the Balance on the Bank Statement Does Not Equal

question 175

Multiple Choice

If the balance on the bank statement does not equal the balance per the company's records, then it can be assumed that

• A)the company has no errors in its records concerning the cash account.
• B)the bank has made errors in preparing the bank statement.
• C)the company has made errors in its records concerning the cash account.
• D)there will be items reconciling the difference.

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Definitions:

Enforced

Enforced means to compel compliance or adherence to a law, rule, or obligation, often involving the implementation of measures to ensure that terms or directives are followed.

Void Contracts

Agreements that are not legally enforceable from the outset due to the presence of certain defects in the contract.

Minor

An individual under the age of legal adulthood, typically seen as below the age of 18 in most jurisdictions.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.