When completing the bank reconciliation,bank service charges should be deducted from the company's cash balance.

Name: When completing the bank reconciliation,bank service charges should be deducted from the company's cash balance.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Bank service charges are fees charged by the bank to the company for its services. These charges are reflected in the bank statement and should therefore be deducted from the company's cash balance in order to arrive at the correct, adjusted cash balance.

When Completing the Bank Reconciliation,bank Service Charges Should Be Deducted