Choose the Word or Phrase in [ ] Which Will

question 9

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Errors discovered during the reconciliation process are most likely to have been made by the [depositor | bank].

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Definitions:

Control Accounts

Summary accounts in the general ledger that consolidate the details recorded in subsidiary ledgers for management and reporting purposes.

Accounting System

A system used by businesses for tracking their financial transactions, consisting of various processes, records, and reports.

Special Journals

Journals that record similar types of transactions, such as all credit sales.