There Are Two Methods of Processing Transactions: Batch and Sequential

question 13

True/False

There are two methods of processing transactions: batch and sequential.

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Definitions:

Outstanding Checks

Checks that are recorded in the financial records but haven't been cashed or processed by the bank yet.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement to ensure they are consistent and accurate.

Outstanding Checks

Checks that have been written and recorded in a checking account's ledger but have not yet been cleared or deducted from the bank's balance.