Assuming the Account Is Not in Overdraft, When Reconciling the Ledger

question 52

Multiple Choice

Assuming the account is not in overdraft, when reconciling the ledger with the bank statement a deposit in transit should be:

• A) subtracted from the general ledger bank balance.
• B) added to the general ledger bank balance.
• C) subtracted from the bank statement balance in the reconciliation.
• D) added to the bank statement balance in the reconciliation.

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Definitions:

Unstable Work Opportunities

Employment situations that are irregular, unpredictable, and precarious, often without long-term security or benefits.

Hourly Wages

The rate of pay employees receive for one hour of work.

Market Equilibrium

A state in a market where supply equals demand, resulting in stable prices and no tendency for change until external factors impose it.

Market Wage Rate

The prevailing pay rate for a specific job in a specific market or industry, determined by supply and demand.