Bank Reconciliation Question:
Why bank reconciliation statement is prepared?
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Answers:
Answer #1
This statement is prepared for a special purpose and once in a month. It is prepared with a view to indicate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a particular date.
This statement is prepared for a special purpose and once in a month. It is prepared with a view to indicate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a particular date.
Answer #2
Bank reconciliation is a key control for bank balances. The bank reconciliation process helps to detect and prevent fraud, errors, omissions and misstatements that may not report bank balances fairly.
Bank reconciliation is a key control for bank balances. The bank reconciliation process helps to detect and prevent fraud, errors, omissions and misstatements that may not report bank balances fairly.
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