A Bank Deposit Made on June 30 Did Not Appear

question 60

Multiple Choice

A bank deposit made on June 30 did not appear on the June bank statement. In doing the June bank reconciliation, this deposit in transit should be

• A) subtracted from the unadjusted book balance.
• B) added to the unadjusted bank balance.
• C) subtracted from the unadjusted bank balance.
• D) added to the unadjusted book balance.

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Definitions:

Quick Ratio

A liquidity metric that assesses a company's ability to meet its short-term obligations with its most liquid assets.

Short-Term Marketable Securities

Financial instruments that can easily be converted into cash within a short period, typically less than one year.

SEC

Securities and Exchange Commission, a U.S. federal agency that oversees the securities markets, protecting investors and maintaining fair, orderly, and efficient markets.

Annual Report

A comprehensive report on a company's activities, financial performance, and strategy, typically published yearly for shareholders.