When Preparing a Bank Reconciliation

question 95

Multiple Choice

When preparing a bank reconciliation:

• A)deposits in transit are added to the bank balance.
• B)service charges are subtracted from the bank balance.
• C)outstanding checks are subtracted from the book balance.
• D)book errors are subtracted from the bank balance.

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Definitions:

Arbitration

A method of dispute resolution where an impartial third party, the arbitrator, makes a decision that is usually binding.

Contract Provisions

Specific clauses or sections within a contract that detail the rights, obligations, and conditions agreed upon by the contracting parties.

E-Discovery

The process of seeking, locating, securing, and searching electronic data with the intent of using it as evidence in a civil or criminal legal case.

Electronic Business Records

Digital forms of documentation related to business transactions, maintained for legal, compliance, or operational purposes.