Which of the Following Does Not Require a Journal Entry

question 143

Multiple Choice

Which of the following does not require a journal entry for a bank reconciliation?

• A) outstanding cheques
• B) bank service charge
• C) collection by the bank of a note receivable
• D) NSF cheque returned by the bank

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Definitions:

Cash-generating Unit

The smallest identifiable group of assets that generates cash inflows largely independent of the cash inflows from other assets or groups of assets.

Average Tax Rate

The proportion of total income that an individual or corporation pays in taxes.

Income

The amount of money received by an individual or business in exchange for labor, services, or investments, typically measured over a specific period of time.

Taxes

Compulsory financial charges imposed by a government on individuals, corporations, or other entities, primarily used to fund public expenditures.