Match the following terms with their correct definition.
-The process of ensuring that the company's accounting records are consistent with the bank's accounting records
A)Bank reconciliation
B)Deposit in transit
C)Non-sufficient funds check
D)Outstanding check
E)Service charges

Question

Quizplus · Accepted Answer

Bank reconciliation is the process of comparing and reconciling the company's accounting records with the bank's accounting records to ensure that they are consistent.

B) Deposit in transit is a term used when a company deposits funds into its bank account near the end of a reporting period, and the deposit has not yet been processed by the bank.

C) Non-sufficient funds check is a type of check that bounces because the account holder does not have enough money in their account to cover the amount of the check.

D) Outstanding check is a check that has been written by the company but has not yet cleared the bank.

E) Service charges are fees that a bank charges a company for services such as maintaining their account or processing transactions.

Match the Following Terms with Their Correct Definition