If a Bank Reconciliation Includes Interest Revenue Collected by a Bank,a

question 198

True/False

If a bank reconciliation includes interest revenue collected by a bank,a journal entry is required which credits Cash and debits Interest Revenue.

---

Definitions:

Promotional Allowances

Financial incentives provided by manufacturers to retailers for the purpose of advertising or promoting specific products.

Manufacturer List Prices

The recommended retail price set by the maker of a product, indicating the price retailers are suggested to sell at to consumers.

Acronym

A word formed from the initial letters of a name or by combining initial letters or parts of a series of words.

FOB

Free On Board; a term in international commercial law specifying at what point the risk of loss shifts from the seller to the buyer.