Match Each Item to a Bank Statement Adjustment, a Company

question 37

Multiple Choice

Match each item to a bank statement adjustment, a company books adjustment, or either.
-Deposit in transit

• A)Bank statement adjustment
• B)Company books adjustment
• C)Either

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Definitions:

End-Of-Period Spreadsheet

A tool used in accounting to compile all balances and adjustments at the period's end before generating financial statements.

Adjusted Trial Balance

A listing of all company accounts that will appear in the financial statements after adjusting entries are made, ensuring that total debits equal total credits.

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific moment in time, detailing assets, liabilities, and shareholders' equity.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, showing revenue, expenses, and net income.