The Bank Statement Reveals an EFT Received from a Customer

question 104

Multiple Choice

The bank statement reveals an EFT received from a customer that has not yet been recorded in the ledger.How would this information be included on the bank reconciliation?

• A)An addition on the bank side
• B)A deduction on the book side
• C)A deduction on the bank side
• D)An addition on the book side

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Definitions:

Demand Schedule

A chart displaying the amounts of a product or service that buyers are ready and capable of purchasing at different price levels.

Relatively Inelastic

Describes a situation where the quantity demanded or supplied changes by a smaller percentage than the percentage change in price.

Demand Schedule

A demand schedule is a table that lists the quantity of a good that consumers are willing and able to purchase at various prices over a specific period.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.