Which of the following statements is correct?
A) A bank statement is a document from the bank that reports the activity in the customer's account.
B) A bank statement must be mailed to customers each month.
C) The bank statement does not include an ending balance of the customer's account because the bank cannot determine which checks have been cashed during the statement period.
D) Physical copies of canceled checks must be included in the monthly bank statement.

Question

Quizplus · Accepted Answer

A bank statement is a document provided by the bank that shows the activity in the customer's account during a given period of time. It includes information such as deposits, withdrawals, and fees.

Option B is incorrect because while some banks may mail statements to customers, others may provide online statements or make them available for pick up in person.

Option C is incorrect because the bank statement should include the ending balance of the customer's account.

Option D is incorrect because physical copies of canceled checks are not typically included in monthly bank statements, but may be available upon request.

Which of the Following Statements Is Correct