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please explain why each answer is correct. 8) Which of the following statements about bank reconciliation is correct? a) Deposits in transit should be added
please explain why each answer is correct.
8) Which of the following statements about bank reconciliation is correct? a) Deposits in transit should be added to the bank b) Interest earned on the bank account should be added to the bank c) Outstanding cheques should be deducted from the books d) EFT collection on account should be added to the bank 9) The adjusting entry for unearned revenues results in a) an increase to a liability account and a decrease to a revenue account b) a decrease to a liability account and an increase to a revenue account c) neither an increase nor a decrease to a liability account d) neither an increase nor a decrease to a revenue account a 10) Some accounts need to be adjusted because a) there are never enough accounts to record all the transactions. b) there are always errors made in recording transactions. c) management can't decide what they want to report. d) they are not up to date at the time financial statements are prepared
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