Which of the Following Items Would Not Be a Reconciling

question 158

Multiple Choice

Which of the following items would not be a reconciling item?

• A)Canceled checks
• B)NSF checks
• C)Outstanding checks
• D)Deposits in transit

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Definitions:

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded in the company's books.

Prepaid Expenses

Expenses paid in advance and recorded as assets until they are actually used or consumed.

Unearned Revenues

Represents income received by a company for goods or services that are yet to be delivered or performed.

Accrued Revenues

Income earned during an accounting period but not yet received or recorded at the statement date, representing future cash receipts.