Describe Reconciliation and it's journal entries?

Question

Accepted Answer

Reconciliation is the process of comparing two sets of records to ensure their accuracy and consistency.

Reconciliation is used in various fields such as accounting, finance, and banking.
It involves comparing two sets of data, such as bank statements and company records, to identify any discrepancies.
The goal of reconciliation is to ensure that the records are in agreement and to identify and resolve any errors or discrepancies.
Journal entries are used to record the adjustments made during the reconciliation process.
For example, if a bank statement shows a different balance than the company's records, a journal entry may be made to correct the discrepancy.

Accepted Answer

Reconciliation is difference between cash book and passbook.

Top Citicorp Hardware Analyst interview questions & answers