Which of the following items would not be a reconciling item?
A)Canceled checks
B)NSF checks
C)Outstanding checks
D)Deposits in transit

Question

Quizplus · Accepted Answer

Canceled checks are checks that have already cleared and are not outstanding or in transit. Therefore, they would not need to be reconciled as they have already been accounted for in the bank statement balance. Reconciling items are differences between the company's accounting records and the bank statement balance, such as NSF checks, outstanding checks, and deposits in transit.

Which of the Following Items Would Not Be a Reconciling