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

When you deposit a check using a mobile banking app, for how long should you typically keep the physical check before destroying it?

Until the end of the fiscal year

At least 14 days after the deposit is confirmed

For 5 years as part of your permanent records

Immediately after depositing it

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Verified step by step guidance

Understand the purpose of keeping the physical check: It serves as a backup in case there are issues with the deposit, such as errors or disputes.

Review the typical recommendation for holding a physical check: Most banks suggest keeping it for a minimum period after the deposit is confirmed to ensure the transaction is fully processed.

Identify the correct timeframe: The standard recommendation is to keep the check for at least 14 days after the deposit is confirmed. This allows time for the deposit to clear and for any potential issues to be resolved.

Avoid keeping the check indefinitely: Keeping it for 5 years or until the end of the fiscal year is unnecessary unless explicitly required for specific legal or business purposes.

Destroy the check securely after the recommended period: Use a shredder or another secure method to prevent unauthorized access to sensitive information.