Changing the way you learn

Question	Answer
Check Register	A record of all transactions affecting the checking account.
Bank Reconciliation	Process of comparing, or reconciling, the bank statement with your accounting records for the checking account.
Accounting Essentials	Summarize important foundational accounting knowledge you may find useful when using QBO.
Errors	Can either be the bank's error or the company's errors.
Timing Differences	Occurs when the company records an amount before the bank does or the bank records an amount before the company does.
Deposits in Transit	Deposits the company has recorded but the bank has not.
Outstanding Checks	Checks the company has written and recorded but the bank has not recorded yet.
Unrecorded Charges	Charges that the bank has recorded on the bank statement but the company has not recorded in its accounting records yet.
Interest Earned on the Account	Interest the bank has recorded as earned but the company has not recorded yet.

Chapter 4 Key Terms

	Created by Regan Deckinger over 1 year ago