Asked by Adrianaya Roettger on Jul 09, 2024
Verified
If a company deposits all its receipts in the bank and pays all its bills by check then the monthly bank statement balance will always agree with the company's record of its checking account balance.
Bank Statement
A document or record provided by a bank detailing the transactions in a customer’s account over a specific period, including deposits, withdrawals, and balances.
Checking Account Balance
The amount of money currently available in one's checking account.
- Comprehend the significance of holding various bank accounts for enhanced efficiency and improved management of finances.
Verified Answer
SM
salaheldin MohammedJul 16, 2024
Final Answer :
False
Explanation :
The monthly bank statement balance may not necessarily agree with the company's record of its checking account balance due to factors such as outstanding checks, deposits in transit, bank fees, and errors.
Learning Objectives
- Comprehend the significance of holding various bank accounts for enhanced efficiency and improved management of finances.
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