Define a Bank Reconciliation statement. State the reasons for preparing Bank Reconciliation Statement / 5 mark question
Share
Define a Bank Reconciliation statement. State the reasons for preparing Bank Reconciliation Statement / 5 mark question
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Answer:
Bank reconciliation statements ensure payments have been processed and cash collections have been deposited into the bank. The reconciliation statement helps identify differences between the bank balance and book balance, in order to process necessary adjustments or corrections.