BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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bank statement
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debit card
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electronic funds transfer
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postdated check
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Detailed explanation-1: -A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period.
Detailed explanation-2: -A report of deposits, withdrawals, and bank balances sent to a depositor by a bank is called a Bank Statement.
Detailed explanation-3: -Any deposits not yet recorded by the bank are deposits in transit and should be added to the balance shown in the bank statement.
Detailed explanation-4: -The bank statement informs the account holder or depositor of the balance remaining in the account, as well as keeping track of the transactions for the account holder of what he or she spent or deposited into the account on what date and to whom it was paid or received.
Detailed explanation-5: -Explanation: A cash deposit made by business appears on the bank statement as Credit balance.