Which of the Following Is a Benefit of Online Banking

question 113

Multiple Choice

Which of the following is a benefit of online banking to a business?

• 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:

Accounting Principles

Rules and conventions that guide the accounting practices and financial reporting of businesses.

Group Method

A depreciation technique that treats a collection of assets as a single entity for depreciation purposes, often used for assets that are similar in nature and have approximately the same useful lives.

Record Keeping

The systematic process of organizing and maintaining documents, records, and information to ensure accuracy, accessibility, and compliance.

Composite Methods

Depreciation techniques that combine multiple assets into a single group or pool and apply a uniform depreciation rate to the collective group, irrespective of individual asset life.