BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
You know you have reconciled your checking account when ____
|
|
The ending balance in your monthly bank statement matches your check register.
|
|
|
You matched transactions between your bank statement and check register and accounted for those that have not yet hit your bank statement.
|
|
|
The beginning balance in your monthly statement matches your check register.
|
|
|
All the checks in your check register have been matched to your bank statement.
|
Explanation:
Detailed explanation-1: -After all adjustments are made to the books, the balance should equal the ending balance of the bank account. If the figures are equal, then a successful bank reconciliation statement has been prepared.
Detailed explanation-2: -You should reconcile your checking account as soon as you receive your bank statement. A check cannot be cashed until it has been reconciled. A joint checking account can be opened by two or more people. A money order can never bounce.
There is 1 question to complete.