Author Question: Which account is not classified as a selling expense? a. Sales Salaries b. Delivery Expense c. ... (Read 221 times)

Themember4 · **on:** Jul 5, 2018

Which account is not classified as a selling expense?
a. Sales Salaries
b. Delivery Expense
c. Cost of Goods Sold
d. Advertising Expense

Question 2

What is the purpose of a bank reconciliation?

What will be an ideal response?

pallen55 · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

c

Answer to Question 2

The purpose of a bank reconciliation is to verify the accuracy of both a company's records of the cash account and the bank's matching account for that company. This is an important part of the process of internal control. All differences between the balance on a company's books and the monthly bank statement must be examined. When the cash reconciliation process is complete, it will show the true cash balance. This is the amount that will be on both the bank and company books if all information about the cash account were known by both the company and the bank on the date of the reconciliation.