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 items typically appear on the bank side of a bank reconciliation?

Deposits in transit

NSF (non-sufficient funds) checks

Bank service charges

Outstanding checks

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Verified step by step guidance

Understand the concept of bank reconciliation: Bank reconciliation is the process of comparing the bank statement with the company's accounting records to identify discrepancies and ensure accuracy.

Identify the two sides of a bank reconciliation: The 'bank side' refers to adjustments made to the bank statement, while the 'book side' refers to adjustments made to the company's accounting records.

Determine which items affect the bank side: Items that typically appear on the bank side include deposits in transit (deposits recorded by the company but not yet reflected in the bank statement) and outstanding checks (checks issued by the company but not yet cleared by the bank).

Clarify items that do not affect the bank side: NSF checks and bank service charges are adjustments made to the book side because they are recorded by the bank but not yet reflected in the company's accounting records.

Conclude that deposits in transit and outstanding checks are the items that typically appear on the bank side of a bank reconciliation, as they represent timing differences between the company's records and the bank statement.