Which of the following statements pertaining to bank reconciliations is false? a. Outstanding checks are deducted from the bank cash balance. b. Deposits in transit are added to the bank cash balance. c. Bank service charges are deducted from the bank cash balance. d. Non-sufficient funds checks identified in the bank statement are deducted from the book cash balance, not the bank cash balance.
Which of the following statements pertaining to bank reconciliations is false? a. Outstanding checks are deducted from the bank cash balance. b. Deposits in transit are added to the bank cash balance. c. Bank service charges are deducted from the bank cash balance. d. Non-sufficient funds checks identified in the bank statement are deducted from the book cash balance, not the bank cash balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following statements pertaining to bank reconciliations is
false?
a. Outstanding checks are deducted from the bank cash balance.
b. Deposits in transit are added to the bank cash balance.
c. Bank service charges are deducted from the bank cash balance.
d. Non-sufficient funds checks identified in the bank statement are
deducted from the book cash balance, not the bank cash balance.
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