What is the term for a record of all transactions sent by a bank to its clients?

Study for the GradReady Real-World Finance Exam. Utilize flashcards, multiple-choice questions, and detailed explanations to grasp essential financial concepts. Prepare for success!

The term that best describes a record of all transactions sent by a bank to its clients is a bank statement. A bank statement provides a detailed account of all transactions over a specific period, including deposits, withdrawals, fees, and interest earned, allowing clients to track their financial activities. This document is typically issued monthly and is essential for personal and business accounting, as it facilitates the reconciliation of one's records with those maintained by the bank.

Other terms like "Account Summary," "Transaction Report," and "Statement of Account" may also refer to banking documents but do not specifically capture the comprehensive nature and typical frequency of the information provided in a bank statement. An "Account Summary" might summarize the current state of the account without detailing individual transactions. A "Transaction Report" could be focused on a selected set of transactions or a specified period, while a "Statement of Account" is a more general term that might not clearly convey the notion of a periodic summary of all transactions like a bank statement does.

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