On a bank reconciliation, outstanding cheques are deducted from the balance per books.
43) Canceled cheques are negotiable at the bank for the face value.
44) Deposits that have been added to the bank balance but not the chequebook balance are called deposits in transit.
45) Deposits in transit result because of a timing difference between the bank records and chequebook records.
46) Any adjustment to the depositor's records because of an item on the bank statement requires a journal entry.
47) When adjustments are made to the bank balance when completing a bank reconciliation, a journal entry is needed to bring the bank balance up to date.
48) Transferring money without paper cheques is called electronic funds transfer.
49) If a cheque marked NSF is returned from the bank, an adjusting entry crediting cash is needed.
50) A bank statement reports the beginning balance, deposits in transit, cancelled cheques, and outstanding cheques for the month.
51) Cancelled cheques are negotiable at the bank for the face value.
52) Deposits that have been added to the bank balance but not the chequebook balance are called deposits in transit.
53) When adjustments are made to the chequebook balance in preparing a bank reconciliation, a journal entry is needed to bring the ledger up to date.
54) Transferring money without paper cheques is called electronic funds transfer.
55) Cheque truncation is the process of reconciling a bank account.
56) NSF is an abbreviation for Not Satisfactory Funding.
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