What is a bank reconciliation?
A. A formal financial statement that lists all of a firm’s bank account balances.
B. A schedule that accounts for differences between a firm’s cash account balance and the balance reported by its bank.
C. A statement sent monthly by a bank to its depositors.
D. A merger of two banks that were previously competitors.
Answer is B. A schedule that accounts for differences between a firm’s cash account balance and the balance reported by its bank.
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At the completion of a mediation session, it is an acceptable outcome if the parties have reached interim agreements on certain issues but have not resolved all issues,
as long as they agree how they will proceed in the short term and have a plan for reconvening to discuss the remaining issues. Indicate whether the statement is true or false.
Howard Ferguson is a lawyer who has acted for Joe Gage over the years. Joe wants to retire, sell his house in Canada, and move to Florida. Howard knows the house would sell for about $200,000. He offers Joe $150,000 for it
Joe agrees to this price, but later finds out the house's real value. Which of the following is TRUE? A) There is nothing Joe can do to get the deal because he made a contract. B) Howard was Joe's lawyer and the contract will automatically be set aside. C) The onus will be on Howard to show that the deal was to Joe's benefit. D) Howard stands in a fiduciary relationship to Joe. E) Both C and D
Which one of the following statements is TRUE?
A. Companies with interlocking boards of directors have directors that serve on both boards. B. The more members of a board of directors, the better its function. C. A company has an interlocking board of directors if the CEO also serves as the chairman of the board of directors. D. A company whose board members are elected in staggered terms is said to be an interlocking board of directors. E. A shareholder-friendly charter will make it harder for a company to be acquired.
Orin is a shareholder of Pinkwater Corporation. In some states, Orin might incur personal liability for Pinkwater obligations if he
a. accepts a dividend knowing that it was paid from retained earnings. b. buys stock for less than its fair-market value. c. fails to fulfill his fiduciary duty to the majority shareholders. d. sells his shares.