Future Business Leaders of America (FBLA) Accounting Practice Test

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Prepare for the FBLA Accounting Test with practice quizzes and comprehensive questions. Each question is designed to help deepen your understanding and enhance your readiness for the exam. Are you ready to excel?

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Which term describes an itemized record of transactions in an account for a specific period?

  1. Deposit ticket

  2. Check register

  3. Bank statement

  4. Transaction slip

The correct answer is: Bank statement

The correct term describing an itemized record of transactions in an account for a specific period is a bank statement. A bank statement is a comprehensive summary provided by a financial institution that details all the transactions conducted in a specific account, typically over a monthly period. It includes deposits, withdrawals, and any fees or interest earned, allowing account holders to track their financial activity, verify their account balance, and reconcile their own records. Understanding the function of a bank statement is crucial for maintaining accurate financial records and ensuring that personal or business accounts are managed effectively. The bank statement acts as an official record from the bank, reflecting all activity that has occurred, making it essential for budgeting, auditing, and financial planning purposes.

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