Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Bank Reconciliation

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Multiple Choice

Which of the following best completes the statement: 'The preparation of a bank ______ helps maintain control of cash accounts.'?

reconciliation

deposit slip

transfer

statement

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Verified step by step guidance

Understand the purpose of the question: It is asking which term best completes the statement related to maintaining control of cash accounts.

Recognize that the term 'bank reconciliation' refers to the process of comparing the bank's records with the company's cash account records to identify discrepancies and ensure accuracy.

Eliminate other options by understanding their definitions: 'Deposit slip' is a document used to deposit money into a bank account, 'transfer' refers to moving funds between accounts, and 'statement' is a summary of account activity provided by the bank.

Focus on the concept of maintaining control of cash accounts: This is achieved by reconciling the bank's records with the company's records, which is the purpose of a bank reconciliation.

Conclude that the correct term to complete the statement is 'reconciliation,' as it directly relates to the process of ensuring the accuracy and control of cash accounts.