If a check written by a firm is not canceled by the bank and returned with the month's bank statement, the firm should:
multiple choice
a. make no adjustment when preparing the bank reconciliation.
b. immediately notify the bank requesting that it correct its records.
c. adjust the balance in the firm's checkbook to reflect the data that appears in the bank's records.
d. consider this check as outstanding when preparing the bank reconciliation.

C. adjust the balance in the firm's checkbook to reflect the data that appears in the bank's records.

Explanation:

The bank reconciliation statement is prepared by the firm to reconcile the balance stated by the bank and that recorded in the firm's books. The bank balance in the firms books may differ from that recorded by the bank. The reasons for this is usually due to the recognition of some transaction by the firm that are yet to be recognized by the bank or transactions recorded by the bank, yet to be recognized in the firm's book.

Examples of such are unpresented cheques, uncredited lodgements etc. The difference are usually said to have arising as a result of a timing difference in recognition of transactions impacting the firm's account with the bank by both parties.

Considering the options;

A. is not right as the cheque has been returned. This will result in a difference between the book balance and the bank balance as the bank would not record the cheque but this would have been recorded by the firm.

B. The bank must have had a legitimate reason for returning the cheque. As such the cheque has to be honored first by the bank before being recognized. In light of this, option B is not right as the difference in balance per bank and per the firm would not have been corrected

D. Since the cheque has been returned by the bank, it is no longer outstanding as the cheque is no longer with the bank and as such it is known to the firm that the transaction for the cheque has failed to pull through.  

C. With the cheque returned already, meaning it is no longer issued, necessay adjustments should be made in the firm's checkbook to reflect the data that appears in the bank's records.

Hence Option C is the appropriate action to be taken by the firm.

i believe it’s b because the rest don’t make sense

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.