7. Which statement is true?    a. Bank service charge will cause the cash balance per ledger to be higher than that reported by the bank, all other things being equal b. Outstanding checks will cause the cash balance per ledger to be greater than the balance reported by the bank, all other things being equal c. An error made by the bank by charging an amount to the depositor’s account requires a correcting entry in the depositor’s own records d. The cash amount shown in the balance sheet must be the balance reported in the bank statement

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.