Multiple Choice

The one-step approach should not be used to pay the following:

a. Sales Taxes

b. Expenses, such as rent, utilities and insurance

c. Bills for non-inventory items such as office supplies

d. Bills for services such as accounting or legal fees

One of the objectives of a bank reconciliation is:

a. To update the banks records

b. Update accounting records with unrecorded items

c. To record monthly adjusting entries

d. To update the chart of accounts