While Preparing a Bank Reconciliation, an Accountant Discovered That a $426

question 68

Multiple Choice

While preparing a bank reconciliation, an accountant discovered that a $426 check returned with the bank statement had been recorded erroneously in the depositor's accounting records as $462. In preparing the bank reconciliation the appropriate action to correct this error would be to:

• A) Add $36 to the balance per the depositor's records.
• B) Add $36 to the balance per the bank statement.
• C) Deduct $36 from the balance per the bank statement.
• D) Deduct $36 from the balance per the depositor's records.

Evaluate financial advantages and disadvantages in various decision-making scenarios.

Understand the benefits and functionalities of specific technological applications in sports management.

Identify the components and processes within a business environment including inputs, outputs, and resources.

Comprehend efficiency and effectiveness concepts in the context of business process management.

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Definitions:

Priced Less

Offered or marked at a lower price; essentially another way to describe an item or service that is underpriced.

Previous Round

Refers to the most recent stage of financing or investment a company underwent before the current one.

Terminal Value

The estimated value of a business or project at the end of a specific period, taking into account future cash flows in perpetuity.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.