Multiple Choice
An easy way to avoid ending up with errors in your checking account is to simply:
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6. Internal Controls and Reporting Cash
Bank Reconciliation
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Which of the following best describes a report of deposits, withdrawals, and bank balances sent to a depositor by a bank?
A
Bank statement
B
Check register
C
Reconciliation statement
D
Deposit slip
Verified step by step guidance1
Understand the purpose of each term provided in the options: A bank statement, check register, reconciliation statement, and deposit slip.
A bank statement is a document sent by a bank to its customers, summarizing all deposits, withdrawals, and the current balance in their account over a specific period.
A check register is a personal record maintained by the account holder to track checks written, deposits made, and account balances. It is not sent by the bank.
A reconciliation statement is prepared by the account holder to compare their records with the bank statement to identify discrepancies. It is not sent by the bank.
A deposit slip is a form used by the account holder to deposit money into their account. It is not a report sent by the bank. Based on this analysis, the correct term describing the report sent by the bank is 'Bank statement.'
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