ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A reconciliation sheet
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An account register
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Customer service reconciles your account for you
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A monthly account statement
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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: -The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period. Account-holders generally review their bank statements every month to help keep track of expenses and spending, as well as monitor for any fraudulent charges or mistakes.
Detailed explanation-3: -If your balance goes into overdraft, the funds are transferred automatically to your checking account to cover the difference. In other cases, the bank won’t return the transaction and process it, which means you’ll be charged fees until you deposit money to cover the difference.