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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which one of the following would not appear on a bank statement for a checking account?

a. Deposits

b. Interest earned

c. Service charges

d. Outstanding checks

To determine

Introduction:

A checking account is a store account held at a financial institution that permits withdrawals and stores. Likewise called interest accounts or value-based accounts, checking accounts are fluid and can be gotten to utilizing checks, computerized teller machines and electronic charges, among different techniques.

To choose:

The item not shown in the bank statement.

Explanation

Explanation for correct answers:

Option (a) A deposit account is a savings account, current account or any other sort of bank account that allows cash to be deposited and withdrawn by the account holder. ... A few banks may charge an expense for this administration, while others may pay the client enthusiasm on the assets deposited.

Explanation for incorrect answers:

option (d) outstanding checks would not appear in the bank statement because this check yet to be not present for payment in the ba...

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