Which of the Following Is a Benefit of Online Banking

question 145

Multiple Choice

Which of the following is a benefit of online banking?

• A) The business can reconcile to the bank's balance at any time.
• B) The bank reconciliation is not necessary.
• C) The business can reduce their internal controls over cash receipts.
• D) A company's book balance will always equal the bank's balance.

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Definitions:

Primary Financial Statements

Critical financial documents including the balance sheet, income statement, statement of cash flows, and statement of shareholders' equity, which provide an overview of a company's financial health.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, culminating in the net profit or loss.

Balance Sheet

A financial statement that gives a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.

Excess of Revenue

The amount by which revenue exceeds the expenses in a given period, indicating profit.