Which of the Following Items Are Reconciling Items on the Bank

question 213

Multiple Choice

Which of the following items are reconciling items on the bank side of the reconciliation?

• A) outstanding checks and correction of book error
• B) deposit in transit and NSF check
• C) deposit in transit and outstanding checks
• D) bank service charge and correction of book error

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Definitions:

Consideration

Something of value exchanged between parties in a contract, making the agreement legally binding.

Adequacy of Consideration

An evaluation of whether the value exchanged between parties in a contract is reasonably fair at the time of the agreement.

Bargained-for Exchange

An essential principle of contract law involving the mutual exchange of promises or consideration between parties entering an agreement.

Legal Sufficiency

The adequacy of evidence or legal grounding in an agreement, claim, or defense that meets minimum legal standards to proceed or withstand scrutiny in a court of law.