The ending balance on the bank statement seldom agrees with the balance in the checkbook. True False
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- What should be done if differences are found between the bank statement and the book account?Which of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checksDebit order is an example of an adjusting difference. True or False Bank understates a deposit on the bank statement is an example of a timing difference. True or False
- In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement. OTrue FalseWhich of the following will NOT require an adjusting entry when reconciling the bank statement? Interest earned Outstanding checks O NSF check from customer Bank service chargesWhich of the following reconciling items may not result from bank side reccords of a bank account? a. Outstanding deposits b. Outstanding checks C. Errors made by bank accountant d. Non Sufficient Funds checks
- In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement. True FalseOutstanding checks are checks the company has written and recorded but the bank has not received. Group of answer choices True FalseDeposits made which do not clear in time to appear on the current bank statement are called O check registers O deposits in transit outstanding checks O restrictive endorsements
- A check returned by the bank marked "NSF" means Select one: a. not satisfactorily filled-out. b. not sufficient funds. C. no service fee. d. no signature found.TRUE OR FALSE?Material overdraft in one bank must be deducted from the another bank's account that has a debit balance.Another way to describe account reconciliation is bank reconciliation—the process of bringing the balance of the bank statement and the balance of the cash account into agreement. True False
