Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ Matches the balance of cash in the bank account with the balance of cash in the company's own records.

Question

Quizplus · Accepted Answer

Bank reconciliation is the process of comparing the cash balance in the company's records with the cash balance in the bank account and identifying any discrepancies. A) Cash equivalent refers to highly liquid investments that can be easily converted to cash. C) Petty cash is a small amount of cash kept on hand for minor expenses. D) Debit card is a plastic card that allows the cardholder to withdraw cash or make purchases by deducting the amount from their bank account. E) Credit card is a plastic card that allows the cardholder to make purchases on credit and pay the balance at a later date.

Listed Below Are Five Terms Followed by a List of Phrases