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.

Question

Quizplus · Accepted Answer

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.

If a Company Deposits All Its Receipts in the Bank