Account week 2 discussion 2

Accounting
Tutor: None Selected Time limit: 1 Day

What is the purpose of a bank reconciliation?  What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? 

Oct 21st, 2014

A bank reconciliation is used when you need to prove consistency between your accounting records and your bank in all accounts. The differences between cash reported in the accounting records and the cash balance is that sometimes cash is recorded in one month and then not on the bank statement in another month. This happens in most companies when they write over 100 cheques per month. In addition, if the amounts and balances are exactly the same on your bank statements and in your accounting records, you have successfully reconciled the bank.

Oct 21st, 2014

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Oct 21st, 2014
...
Oct 21st, 2014
Mar 24th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer