What is mean by bank reconciliation statement

Question

Accepted Answer

A bank reconciliation statement is a document that compares the bank statement with the company's cash records.

It helps identify any discrepancies between the bank statement and the company's records.
It ensures that all transactions are accurately recorded and accounted for.
It includes adjustments for items such as outstanding checks, bank fees, and deposits in transit.
The statement reconciles the ending balance on the bank statement with the adjusted cash balance in the company's records.
It is an important tool for detecting errors, fraud, or unauthorized transactions.

Accepted Answer

A bank reconciliation statement is a statement or document that compares the bank transactions and balances recorded in the books of accounts with the bank statement or passbook issued by the bank. It is prepared by the business or the account holder on a regular or monthly basis to check the correctness and accuracy of the entries and balances. It is a useful tool to identify and prevent any discrepancy or fraud

Accepted Answer

Bank reconciliation statement is a summary of the banking and business account that reconcile the bank statement with the business financial records.

What is mean by bank reconciliation statement

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