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Questions and Answers
What is the purpose of a bank reconciliation statement?
What is the purpose of a bank reconciliation statement?
- To record all the financial transactions of the company
- To ensure the accuracy of the company's cash records and the bank's records (correct)
- To track the company's inventory levels
- To calculate the company's tax liabilities
Which item would appear on the bank side of the bank reconciliation statement?
Which item would appear on the bank side of the bank reconciliation statement?
- Interest earned
- Bank charges (correct)
- Outstanding checks
- Deposits in transit
If a check issued by the company has not yet been presented for payment at the bank, it would be classified as:
If a check issued by the company has not yet been presented for payment at the bank, it would be classified as:
- Outstanding check (correct)
- Interest earned
- Bank error
- Deposits in transit
