The difference between the bank statement balance and the balance in Bank account in the general ledger may be due to: unpresented payments. outstanding receipts. errors done by the bank and the entity. all of the choices given.

The difference between the bank statement balance and the balance in Bank account in the general ledger may be due to: unpresented payments. outstanding receipts. errors done by the bank and the entity. all of the choices given.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

multiple choice question

a.The difference between the bank statement balance and the balance in Bank account in the general ledger may be due to:

unpresented payments.
outstanding receipts.
errors done by the bank and the entity.
all of the choices given.

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