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 is the best way to confirm that your direct deposit has been processed correctly during a bank reconciliation?

Verify that the deposit was made on the same day every month.

Ask your employer if they sent the deposit.

Check if the deposit slip is still attached to your checkbook.

Compare the deposit amount on your bank statement to the amount recorded in your accounting records.

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Verified step by step guidance

Understand the concept of bank reconciliation: Bank reconciliation is the process of comparing the transactions recorded in your accounting records with those on your bank statement to ensure accuracy and identify discrepancies.

Identify the purpose of confirming a direct deposit: The goal is to verify that the deposit amount matches the expected amount and has been correctly processed by the bank.

Review the options provided in the problem: Analyze each option to determine its relevance and effectiveness in confirming the direct deposit during a bank reconciliation.

Focus on the correct method: The most reliable way to confirm a direct deposit is to compare the deposit amount on your bank statement to the amount recorded in your accounting records. This ensures that the transaction has been accurately processed and matches your expectations.

Apply this method during reconciliation: When performing a bank reconciliation, locate the direct deposit entry on your bank statement and match it to the corresponding entry in your accounting records. Ensure the amounts and dates align correctly.