9
QuizMultiple Choice

Banking Basics

Question 9 • FA Personal Finance

After gathering the needed documents, what should one do to reconcile a checking account first?

Answer
c
check the interest earned on the account
i
identify the highest transaction on the statement
e
ensure the opening balance matches the statement's closing balance
l
list all the checks that have written out by date and amount

Explanation

First, compare the account’s opening balance for the period with the bank statement’s closing balance from the previous period. Those balances should match before you reconcile the new transactions. The correct choice is “ensure the opening balance matches the statement’s closing balance.”

AI-written and checked against the verified answer.