Future Business Leaders of America (FBLA) Accounting Practice Test

What information does a bank statement typically provide?

1. A detailed report on bank service fees

2. A report of deposits, withdrawals, and bank balance

3. A history of customer complaints

4. A list of available accounts and balances

The correct answer is: A report of deposits, withdrawals, and bank balance

A bank statement is primarily designed to summarize the financial activities of an account over a specific period. This includes a report of deposits, withdrawals, and the current bank balance. By providing a clear record of all transactions, the bank statement allows account holders to track their financial activity, ensure the accuracy of their own records, and identify any discrepancies that may need to be addressed. While bank service fees are important for understanding account costs, they would not encompass the full scope of transaction activity that a bank statement offers. Similarly, information about customer complaints and the list of available accounts are irrelevant to the summary of transactions carried out within an account. Thus, option B captures the essence of what a bank statement provides in a concise and comprehensive manner.