ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cash flow plan
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reconcile
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Either A or B
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None of the above
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Detailed explanation-1: -Compare Balances. Gather your accounting records for the time period covered by the bank statement. Identify Differences. Resolve Any Issues. Adjust Balances. Compare Balances. Book Adjusting Journal Entries. 06-Jun-2022
Detailed explanation-2: -In accounting terms, checkbook balancing is the act of reconciling your account by matching up the debits and credits on your bank statement to your own record of transactions.
Detailed explanation-3: -Checkbooks are where we get the phrase “balancing a checkbook.” It’s also called reconciling an account. Basically, it just means you’re making sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement. Budget every dollar, every month.
Detailed explanation-4: -Get out your checkbook register or make one. Write down your starting balance. Record credits, income and interest earned. Record all payments and fees. Check your statement. Investigate mismatched numbers. 29-Aug-2022