All categories

4 years ago

Reconciling your bank statement is

2 answers:

kondor19780726 [428]4 years ago

3 0

Reconciling your bank statement is simply comparing your records to your monthly banking statement sent to you by your financial institution for any discrepancies or errors

nydimaria [60]4 years ago

3 0

Answer:

When someone reconciles their bank statement they are comparing and adjusting their checking account balance with the account balance that the bank sends them. It is normal to find discrepancies between an individual's or a business's account balance with the account balance that the bank issues mainly because of:

deposits in transit: you may have deposited some checks in your account but the bank hasn't recorded the money yet
outstanding checks: checks that you handed out but haven't been cashed yet
bank fees (e.g. printing fees, etc.)

When you perform a bank statement reconciliation, you are checking that your account balance is correct.

You might be interested in

Industrial Equipment Supply is a new business. During its first year of operations, credit sales were $ 45 comma 000and collect

Andrei [34K]

Answer:

$600

Explanation:

The written down amount is $725, which is bad debt and provision is not required for it.

The increase in allowance for bad debt is always Written Off by using the provision and at the year end the amount that must have been written off is $600 which is the increase in the provision. This means that the Allowance for Bad Debts is $600.

3 0

3 years ago

If the price elasticity of demand for a product is -2.5, then a price cut from $2.00 to $1.80 will _________ the quantity demand

UkoKoshka [18]

If the price elasticity of demand for a product is -2.5, then a price cut from $2.00 to $1.80 will <u>increase </u>the quantity demanded by about <u>2.5%</u>.

Price elasticity of call for is a measurement of the trade in the intake of a product on the subject of exchange in its price. Expressed mathematically, it's miles: charge Elasticity of demand = percent trade-in quantity Demanded / percentage trade-in rate.

we are saying a great is price elastic whilst growth in prices causes a bigger % fall in demand. e.g. if fee rises 20% and demand falls 50%, the PED = -2.five. Examples consist of Heinz soup.

Learn more about Price elasticity here: brainly.com/question/24384825

#SPJ4

6 0

2 years ago

Technical standards in high-technology industries are:

Sunny_sXe [5.5K]

You’re answer would be c love!

6 0

3 years ago

Identify the examples of good internal controls designed to protect cash received in the mail. (check all that apply.)

adoni [48]

Two people are assigned the task of, and are present for, opening the mail. The recordkeeper and the person who reconciles the bank balance do not have access to cash.

An organization may define internal controls as a set of policies and practices to safeguard its resources, increase productivity, improve financial accountability, ensure corporate guidelines, and stop employee fraud. Since there is a precise and trustworthy accounting system, internal controls are meant to ensure that loss is eliminated. Internal control involves the timely use of both internal and external auditing or financial reporting resources. As a result, it helps maintain correct and proper financial records, which also helps increase operational effectiveness. Internal controls that are implemented correctly aid in improving operational effectiveness, safeguarding assets, providing accurate financial information, preventing fraudulent or illegal behavior, and timely filing of financial reports.

Learn more about Internal control here:

brainly.com/question/18649500

#SPJ4

3 0

2 years ago

2. “An American woman executive is sent to negotiate a contract with a corporation in Saudi Arabia. She dresses conservatively i

Tpy6a [65]

Answer:

1. The mistakes she made include:

1. Dressing like a male when it was expected that she should dress like a female.

2. Not wearing a feminine cloth but rather a suit.

3. She wearing a makeup.

4. She fixing her hear but not covering it with hijab.

b. She could have done the following to fix it:

1. Making researches on how best to dress when in Saudi Arabia.

2. Wearing a long covering cloth.

3. Covering her hair with Hijab despite not been from their culture and country.

Explanation:

3 0

3 years ago