A Company Received a Bank Statement Showing a Balance of $62,300.Reconciling

question 15

Multiple Choice

A company received a bank statement showing a balance of $62,300.Reconciling items were outstanding checks of $1,450 and a deposit in transit of $8,500.What is the company's adjusted bank balance?

• A) $72,250
• B) $60,850
• C) $69,350
• D) $70,850

Discern between the financial reporting treatment for recognized liabilities, provisions, and contingent liabilities.

Analyze the implications of future obligations and uncertain events on financial statements.

Evaluate the role of professional judgment in estimating the amount and timing of outflows for provisions.

Recognize the disclosure requirements for provisions, contingent liabilities, and contingent assets.

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Definitions:

Punishment

A consequence imposed for a violation of rules or norms, intended to discourage undesirable behavior.

Shaping

A method of conditioning by which successive approximations of a desired behavior are reinforced.

Natural Laws

Fundamental principles that govern the natural world, often described through physics and other sciences.

Skinner

B.F. Skinner, an influential American psychologist known for his research in behaviorism and operant conditioning.