If a Check Written by a Firm Is Not Canceled

question 32

Multiple Choice

If a check written by a firm is not canceled by the bank and returned with the month's bank statement,the firm should

• A) consider this check as outstanding when preparing the bank reconciliation.
• B) immediately notify the bank requesting that it correct its records.
• C) adjust the balance in the firm's checkbook to reflect the data that appears in the bank's records.
• D) make no adjustment when preparing the bank reconciliation.

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Definitions:

Prosocial Behavior

Doing something that is good for other people or for society as a whole.

Current Concerns

Issues or problems that are currently present and require immediate attention or consideration.

Long-Term Planning

Long-Term Planning involves setting goals and strategies that will be achieved over an extended period of time, considering future possibilities and uncertainties.

Practical Constraints

Limitations arising from real-world conditions that affect how a task or goal can be achieved.