Which of the Following Would NOT Need to Be Accounted

question 35

Multiple Choice

Which of the following would NOT need to be accounted for in a bank reconciliation?

• A)Deposits outstanding recorded by the company but not the bank.
• B)Interest earned recorded by the bank but not the company.
• C)NSF checks recorded by the bank but not by the company.
• D)Checks written by the company and recorded by the bank.

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Definitions:

General Journal Entries

The initial records of financial transactions, entered in the general journal, before they are posted to specific accounts in the general ledger.

Terms of Sale

The conditions under which a seller agrees to sell and a buyer agrees to buy, including payment terms, delivery time, and warranties.

Credit Terms

The conditions under which credit is extended by a seller to a buyer, including the repayment period, discount for early payment, and late penalty.

General Journal Entries

The record of financial transactions in the general journal, a part of the double-entry bookkeeping system.