BUISENESS MANAGEMENT
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It helps you balance your checkbook.
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It saves you trips to the bank.
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It helps you save your money.
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None of the above
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Detailed explanation-1: -It’s important to record the transaction at the time you actually write the check, make a withdrawal, or make a deposit. By recording the transactions and balancing your account total in your checkbook register, you’ll get a clearer picture of your spending habits and know exactly how much money you have.
Detailed explanation-2: -A check register, also known as a cash disbursement journal, is the journal that records all the checks, cash and cash outlay during an accounting period. A check register usually includes the dates, check number, the person that paid, account names, and the credit and debit associated with the transaction.
Detailed explanation-3: -By reconciling the checking account every day, the real balance is always known and could prevent an overdraft charge nightmare. If a person goes through a week without reconciling their checking account, they may not be aware of how much money has really been spent.