26 In preparing a bank reconciliation, how should we treat outstanding checks? OA. It should be added to bank statement. OB. It should be deducted from bank statement. OC. It should be added to the Accounting record. OD. It should be deducted from the Accounting record. QUESTION 27 What is the formula for working capital? OA. Total assets minus current assets. OB. Total assets minus fixed assets. OC. Current assets minus current liabilities. OD. Total assets minus total liabilities QUESTION 28 In aging of accounts receivables, when the company assumes that it most definitely loses a certain amount of money because its customers might not pay their bills on time. This is called? OA. Desired balance OB. Expected loss OC. Both A & B O D. None of the above QUESTION 29 Which of the following field of accounting is focusing on micro level and primarily addresses the cost of manufacturing of one unit of product? OA. Intermediate Accounting OB. Advanced Accounting OC. Financial Accounting D. Managerial Accounting