The Bookkeeper Prepared a Check for $68 but Accidentally Recorded

question 102

Multiple Choice

The bookkeeper prepared a check for $68 but accidentally recorded it as $86.When preparing the bank reconciliation,this should be corrected by:

• A)Adding $18 to the bank balance.
• B)Subtracting $18 from the bank balance.
• C)Adding $18 to the book balance.
• D)Subtracting $18 from the book balance.

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Definitions:

Internal Controls

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Non-Inventory Items

Goods or services that a company buys or sells but does not track quantities of, such as supplies or consulting services.

QBO

Stands for QuickBooks Online, a cloud-based accounting software designed for small to medium-sized businesses.

Accounting Records

Documents and ledgers that capture all the financial transactions of a business, serving as a foundation for financial reporting.