In banking, what does EFT stand for? What is a classified statement of financial position? Define FDIC What is a bank IBAN number? What does it mean when a loan is in underwriting? Explain what ''high leverage'' means for a bank. ...
What Does POD Stand For? If you have a POD noted on a bank statement, it means that person or entity will be paid money on your behalf upon your demise. Depending on how your estate is structured, your assets might not be available if a POD were not in place. In many instances, th...
If you’re reviewing your bank statement and see a charge with “apple.com/bill,” you might be wondering what it’s for. Obviously, you’ve purchased something from Apple, but maybe you don’t recall doing so or don’t recognize the amount. There are a few purchases you can make tha...
Bank Statement versus Mini Statement Apart from a bank statement generated for a particular period, banks offer a compressed version of your account. This is called a mini statement. The mini statement gives you the details of the last five to ten transactions and your account balance. While a...
In your ledger balance, be sure to account for deposits that have yet to clear, as well as checks you’ve written that have yet to be cleared by the bank. The end result is the adjusted cash balance, which ensures your ledger balance matches the bank statement balance. ...
The following bank reconciliation statement has been prepared by a trainee accountant: $ Overdraft per bank statement 3,860 Less: Unpresented cheques 9,160 –––––– 5,300 Add: Outstanding lodgements 16,690 –––––– Cash at bank 21,990 –––––– What should be the correct balan...
At the end of your bank reconciliation statement process, the accounting record’s balance (after making adjustments) should equal the bank statement balance. If there are further discrepancies, investigate what might have been missed in your recording or errors that may have been made at the bank...
What does the term audit report mean? Why do banks say they will credit your account when you make a deposit? What does a debit signify in bookkeeping? Describe bank rules. Discuss the meaning of the following statement: "The significance of financial statement data is not in the amount al...
Businesses should aim to complete a bank reconciliation statement in their records at least once a month. Unreconciled records spanning months or even years will mean a lot of costly work for your accountants, and could lead to big issues when it comes to tax audits. Tax inspectors will apply...
You won’t be able to see a detailed receipt of your purchases on your bank statement. If you make both business and personal purchases in the same transaction, you might have a hard time differentiating how much you spent without a copy of the actual receipt to accompany the statement. Th...