A bank reconciliation is never done because it takes too long should only be done annually is not a useful tool in accounting is the process of ensuring that the accounting records for the checking account agree with the monthly bank statement

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Nov 13, 2023

A bank reconciliation: is never done because it takes too long should only be done annually is not a useful tool in accounting is the

A bank reconciliation:

		is never done because it takes too long
		should only be done annually
		is not a useful tool in accounting
		is the process of ensuring that the accounting records for the checking account agree with the monthly bank statement

Step by Step Solution

★★★★★

3.55 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided below The correct statement is d ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Kin Lo, George Fisher

3rd Edition Vol. 1

133865940, 133865943, 978-7300071374

More Books

Students also viewed these Accounting questions

Question

★★★★★

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Answered: 1 week ago

Question

★★★★★

The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2011, balance of $14,632.12. Information that might be useful in preparing a bank reconciliation is...

Answered: 1 week ago

Question

★★★★★

The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2018, balance of $14,632.12. Information that might be useful in preparing a bank reconciliation is...

Answered: 1 week ago

Question

★★★★★

Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes). Required 1. Compute times interest earned for Ace Company. 2. Compute...

Answered: 1 week ago

Question

★★★★★

Find the voltage applied to an X-ray tube with nickel anticathode if the wavelength difference between the Ks line and the short-wave cut-off of the continuous X-ray spectrum is equal to 84 pro.

Answered: 1 week ago

Question

★★★★★

Which of your personal assets would you be willing to borrow against, or sell, to start your business? H-857

Answered: 1 week ago

Question

★★★★★

1. Think for a moment about some aspect of human behavior that has piqued your curiosity in recent days. Perhaps you observed an aggressive driver or children playing a game. Formulate a question...

Answered: 1 week ago

Question

★★★★★

On January 1, 2016, Bacco Company had a balance of $72,350 in its Delivery Equipment account. During 2016, Bacco purchased delivery equipment that cost $22,100. The balance in the Delivery Equipment...

Answered: 1 week ago

Question

★★★★★

Suppose you can borrow money at 12.2% per year (APR) compounded semiannually or 9.48% per year (APR) compounded monthly. a. Calculate the effective annual rates. (Do not round intermediate...

Answered: 1 week ago

Question

★★★★★

Now trace this series of who built on whos work. Who invented the laser printer? One of the winners of the ACM Turing Award (the closest that computer science has to a Nobel Prize) invented a...

Answered: 1 week ago

Question

★★★★★

Consider two firms in a market. The company Les pains d'autrefois has a cost function: CPA(q)=6q 2 +2q The breads of tomorrow company has a cost function: CPD(q)=2q 2 +3 Question 1: What is the...

Answered: 1 week ago

Question

★★★★★

Given the estimated regression equation E(Y) = 30 + 2(x1) - 3(x2) + 10(x1x2) where x1= age and x2-gender (0 is female, 1 otherwise) what is the estimated value of Y when x1= 30 and x2-female? 90 387...

Answered: 1 week ago

Question

★★★★★

Consider a call center for software support: - 3 representatives answer phones (each can handle all types of calls) - Calls arrive according to a Poisson process. On average, there are 20 calls per...

Answered: 1 week ago

Question

★★★★★

We've done 50% of the work on a $290K budgeted project. Our project has spent $180K so far. a. What is the EV? b.EAC c.ETC

Answered: 1 week ago

Question

★★★★★

What is Extreme Project Management (XPM) and how this approach different from traditional project management (TPM) approaches? How would you determine if this is right approach for your project? How...

Answered: 1 week ago

Question

★★★★★

3. Assume you are ready to close the sale on a premium suite for a corporation. Create a sales dialogue between you and the decision-maker that results in a successful sale using the following...

Answered: 1 week ago

Question

★★★★★

Assume that a grandfather clock was sold for $12,000 cash plus 3 percent sales tax. The clock had originally cost Heines $8,000. Assume Heines uses a perpetual inventory system. 1. Indicate the...

Answered: 1 week ago

Question

★★★★★

Write a paper detailing a geographic information system (GIS) of your own design that would utilize data in an original manner.

Answered: 1 week ago

Question

★★★★★

The following table presents summarized financial statements for Whiskey Golf Ltd., in $000s. In addition, you also know that the company declared and paid $80,000 of dividends on preferred shares in...

Answered: 1 week ago

Question

★★★★★

Maple Leaf Foods (MLF) is a Canadian manufacturer of meat and baked products that is listed on the Toronto Stock Exchange. On the morning of July 27, 2007, the company issued a press release with its...

Answered: 1 week ago

Question

★★★★★

Refer to the information presented in problem P10-38. Data from P10-38 Pronto Real Estate purchased a small warehouse in Winnipeg some years ago for $720,000. (The accompanying land was also...

Answered: 1 week ago

Question

★★★★★

15. In what way do musical compositions vary depending on the language spoken by the composer?

Answered: 1 week ago

Question

★★★★★

9. Suppose someone determines the heritability of IQ scores for a given population. Then society changes in a way that provides the best possible opportunity for everyone within that population. Will...

Answered: 1 week ago

Question

★★★★★

16. What usually gives the most problems to a person with dyslexiavision, hearing, or connecting vision to hearing?

Answered: 1 week ago

Previous Question Next Question