The bank charged a service fee of $55. How would this information be included on the bank reconciliation?
A) a deduction on the bank side
B) an addition on the book side
C) a deduction on the book side
D) an addition on the bank side
C
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Which of the following was NOT one of the four types of analysis objectives mentioned in your textbook?
A) Description B) Generalization C) Differences D) Relationships E) Type II
The use of computers in processing accounting data
a. eliminates the need for accountants. b. eliminates the double entry system as a basis for analyzing transactions. c. eliminates the need for financial reporting standards such as those promulgated by the FASB. d. may result in the elimination of document trails used to verify accounting records.
Performance measured using the cash basis is not sensitive to the timing of cash expenditures
Indicate whether the statement is true or false
Which of the following items is often most difficult to allocate to a particular segment?
A) Traceable fixed costs B) Sales revenue C) Common fixed costs D) Variable costs