BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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keeping track of payments
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balancing the checkbook
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keeping tax records
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posting to the general ledger
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Detailed explanation-1: -Balancing your checkbook, which is also known as reconciling your account, is basically about making sure that the records you have kept for your financial transactions match those the bank lists on your statement.
Detailed explanation-2: -Total all outstanding checks (the ones not found on the statement yet). Subtract this total from the ending balance your bank/credit union is showing. Total all outstanding deposits. Add this to the number you arrived at after subtracting the outstanding checks.
Detailed explanation-3: -The first step to balancing your checkbook is to determine your account’s current balance. The easiest way to do this is to look at your bank app and see the balance the app lists for your account. You should see two balances. One is the account balance, the total amount of money in the account.