Which of the Following Would Be Deducted from the Balance

question 148

Multiple Choice

Which of the following would be deducted from the balance per bank?

• A) An issued check that the company forgot to record on its books
• B) Bank service charge
• C) Outstanding checks
• D) NSF check

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Definitions:

Generally Accepted Accounting Principles (GAAP)

Generally accepted guidelines for the preparation of financial statements.

Equity

The value of an ownership interest in a company, calculated as the difference between assets and liabilities.

Assets

Resources owned by a business that have economic value and can be used to meet debts, commitments, or generate income.

Revenue

The total income generated by the sale of goods or services related to a company's primary operations before any costs or expenses are deducted.