No Journal Entries Are Required for the Reconciling Items on the Bank

question 29

Multiple Choice

No journal entries are required for the reconciling items on the bank side because ________.

• A)those transactions have already been recorded in the company's ledger
• B)the adjusted balances on both sides are the same amounts
• C)the amounts are immaterial
• D)those transactions are already included in the bank balance

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Definitions:

Project Life Cycle

The series of phases that a project goes through from its initiation to its closure.

Variable Costs

Expenses that vary directly with the level of production or output, such as materials and labor costs.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and loan payments.

Never-ending Process

A continuous, unending cycle or series of activities, often related to improvement, innovation, or development within a business context.