BRS stands for Bank Reconciliation Statement. BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books. It helps in identifying any discrepancies or errors in the bank transactions. The process involves checking and reconciling the deposits, withdrawals, and other transactions recorded in the bank statement with the company's records. BRS is an important tool for ensuring the accuracy of financial records and detecting any fraudulent activities. Example: If the bank statement shows a balance of $10,000 and the company's books show a balance of $9,500, then there is a discrepancy of $500 that needs to be investigated.

ACT Fibernet Interview Questions: What is BRS?

Asked inACT Fibernet,Executive Accountant

What is BRS?

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BRS stands for Bank Reconciliation Statement.

BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.
It helps in identifying any discrep...read more

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