What Is A Closing Balance Quizlet?

The closing balance is

the balance, after deductions, in an account at the end of a predetermined period of time

.

Which item would you expect to find on your monthly bank statement *?

A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes

deposits, charges, withdrawals, as well as the beginning and ending balance for the period

.

What is balance brought forward quizlet?

Balance brought forward (opening balance)

The amount of cash available at the beginning of the month which was left over at the end of the previous month

.

What are you primarily doing when you reconcile your checking account a making sure the bank spelled your name properly B making sure that your records match your bank’s records c writing down the transactions that your bank automatically?

What are you primarily doing when you reconcile your checking account? Making sure that your records match your bank’s records.

Which of the following must be present for a check to be legitimate I the recipient’s bank?

Which of the following must be present for a check to be legitimate I the recipient’s bank?

The DATE should be present

for a check to be legitimate. A check’s date is very important because any expiration time period is based on the date written on the check.

What is a balance brought forward?

Brought forward –

the balance at the beginning of the period

. Carried forward – the balance at the end of the period. Formula: cash balance carried forward. Cash balance carried forward = cash balance brought forward + total receipts – total payments. Definition: credit sales.

What is a closing balance?

The debit or credit balance of a ledger account in the Chart of Accounts at the end of an accounting period or year-end

is called closing balance. For example, the positive or negative amount that you have in an account at the end of June 30, say Rs. … 10,000 will be the closing balance for that account.

What do I black out on a bank statement?

Cover the information that isn’

t pertinent to the person requesting a copy of the statement

. Use a ruler to keep lines neater with the black marker, covering items such as your Social Security number, irrelevant transactions or even your address of record.

What are some fees that can be seen on a bank statement?

1. Checking Account Fees. …
2. Minimum Balance Charge. …
3. Overdraft Charge. …
4. Returned Deposit Charge. …
5. Hard Copy Statement Fee. …
6. ATM Fees. …
7. Foreign Transaction Charge. …
8. Lost Card Fee.

When you find an erroneous amount on a transaction while reconciling correct the amount by?

When you find an erroneous amount on a transaction while reconciling, correct the amount by: a)

Selecting the Banking menu and then selecting Correct Error.

What are you primarily doing when you reconcile your checking account quizlet?

What are you primarily doing when you reconcile your checking account?

Making sure that your records match your bank’s records.

What two items do you need to reconcile your checking account?

• compare check record register with the bank statement.
• compare deposits and withdrawals.
• enter missing transactions.
• add missing credits.
• subtract missing debits.

Which of the following is required for a check endorsement?

The recipient is known as the payee. To be valid, a check must include a date, the payee’s name, the amount and an authorized signature for the checking account from which the money will be withdrawn. To receive the funds, the payee

must sign

, or endorse, the back of the check.

What is a closing balance a the amount of money you have at the end of the statement period?

The accounting closing balance refers to

the amount carried forward to the next accounting period

. It is the difference between credits and debits in a ledger at the end of one accounting period that is carried forward to the next.

What does it mean for a savings account to have a minimum balance?

A minimum balance requirement is

the minimum amount of money that you have to keep in your bank account

, usually in order to waive the account’s monthly fee. For example, if a bank account has a $100 minimum balance requirement, you want to make sure that you don’t let your balance fall to $99.99 or less.

How is email a useful component of online banking?

How is email a useful component of online banking? …

Email alerts can be used to warn you before you overdraw your account

. II. You can have your bank statements emailed to you, getting them to you faster.