Asked by Veronica Krall on Jul 08, 2024
Verified
Bank charges
A) Bank statement adjustment
B) Company books adjustment
C) Either
Bank Charges
Fees assessed by a bank for its services or as penalties for not meeting specific account requirements.
Bank Statement Adjustment
Bank Statement Adjustment involves correcting discrepancies between a company’s accounting records and its bank account statement, to reflect the accurate amount of cash available.
Company Books Adjustment
Modifications or corrections made to the accounting records of a company to ensure their accuracy and completeness.
- Pinpoint and enact adjustments for bank statements and company bookkeeping entries.
Verified Answer
DB
Dallas BrownJul 09, 2024
Final Answer :
B
Explanation :
Bank charges are typically recorded as an adjustment to the company's books because the company needs to account for the expense that was not previously recorded in its ledger.
Learning Objectives
- Pinpoint and enact adjustments for bank statements and company bookkeeping entries.