Which of the Following Items Would Not Be a Reconciling

question 9

Multiple Choice

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

• A)canceled checks
• B)NSF checks
• C)Outstanding checks
• D)Bounced checks

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Definitions:

Net Income

The total profit of a company after all expenses, taxes, and costs have been deducted from total revenues.

Sales Discounts

A promotional strategy where the seller reduces the price of products or services to attract more customers or encourage quick payment.

Sales Tax

A percentage of the selling price of goods and services, collected by sellers and remitted to the appropriate tax authority.

Liability Account

An accounting record that captures the amounts a company owes to others.