Your Company Writes a Cheque for $967

question 59

Multiple Choice

Your company writes a cheque for $967.Which of the following describes how this transaction should be accounted for?

• A)You add $967 to your recorded cash balance and the bank deducts $967 from your chequing account balance.
• B)You deduct $967 from your recorded cash balance and the bank deducts $967 from your chequing account balance.
• C)You add $967 to your recorded cash balance and the bank adds $967 to your chequing account balance.
• D)You deduct $967 from your recorded cash balance and the bank adds $967 to your chequing account balance.

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Definitions:

Compensation Survey

A tool used to gather and analyze information about compensation levels and practices within an industry or among competitors.

Identifying Jobs

The process of defining and categorizing positions within an organization, including detailing job responsibilities, requirements, and qualifications.

Identifying Employees

The process of recognizing and understanding the unique attributes, skills, and needs of each individual within an organization to better manage and support them.

Compa-ratio

A metric used to evaluate an employee's pay relative to the midpoint of their pay range, indicating how compensation compares to market or organizational standards.