With Online Banking

question 75

Multiple Choice

With online banking:

• A) a bank reconciliation cannot be prepared.
• B) a bank reconciliation can only be prepared at the end of the month when the bank statement arrives.
• C) a bank reconciliation can be prepared at any time.
• D) the bank prepares the bank reconciliation for the company.

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Definitions:

Check-Off Provision

A contractual arrangement where an employer automatically deducts union dues from employees' paychecks and transfers them to the union.

Fiduciary Duty

An obligation to act in the best interest of another party, typically where a relationship of trust and confidence exists, such as between a trustee and beneficiary.

Restrictive Covenant

A clause in a contract which limits certain actions of one or both parties, often used in employment and real estate agreements to protect business interests.

Picket Line

A boundary established by workers on strike, especially at the entrance to the place of work, intended to dissuade or prevent others from entering or leaving.