1. What is the purpose of reconciling GL accounts that process funds in and out of the business? a. Reconciling ensures that the register balance is correct. b. Reconciling ensures that the outstanding balance equals the register balance. c. Reconciling verifies outstanding transactions. d. Reconciling transactions with the bank statement verifies that both you and the bank processed them correctly. 2. Which statement about the ending balance on a credit card statement is true? a. The starting balance plus the charges and interest, and minus the payments, is the ending balance owed. b. When the ending balance equals the register balance, transactions are still in transit. c. The starting balance minus the charges plus the payments and interest is the ending balance. d. When the ending balance is zero, nothing is currently owed. 3. Which statement about the Merchant Credit Card GL account is true? a. The outstanding balance is held by the merchant processor. b. No transactions are ever in transit. c. You should always reconcile the batch to zero. d. Fees are always deducted from batches.