A bank reconciliation should be prepared periodically because:

A. The depositor's records and the bank's records are in agreement.

B. The bank has not recorded all of its transactions.

C. Any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected.

D. The bank must make sure that its records are correct.

Answer: C. Any differences between the depositor’s records and the bank’s records should be determined, and any errors made by either party should be discovered and corrected.

A bank reconciliation statement is a report prepared periodically to check or ensure that all of the bank’s transactions are recorded properly. This statement records and outlines the withdrawals, deposits, and any other transactions capable of affecting the bank account for a specific period. With this, the importance of bank reconciliation statements cannot be overemphasized and should therefore be done periodically so any difference between the bank’s record and the depositor’s record can be easily determined and any error made can be discovered and corrected on time.

Economics

3 years ago

389 Views

Math Calculus — AID—

Total time spent: 4 hours 15 minutes (it is equivalent to 255 minutes). Let the flight time from Paris to Glasgow be X. Then the flight time from Glasgow to Paris will be (X+10). We have an equation with one unknown variable: X + 45 + (X+10) = 255 ⇒ X = 100 So the […]

What were the typical crafts for Maya?

Mayans are well-known as great pottery makers. They did not use the pottery wheel. However,the tecnique they used was coiling consecutive rings of clay on top of each other and smoothing the surface by hand. Also, they were good when it came to working with stone – stone craving is another important craft of Maya. Many […]

What defines a free market?

The efficient working of a free market economy requires that the producer firms must have incentives to work hard and produce goods and services at the lowest possible cost per unit of output Market economies provide incentives to the firms and individuals by recognising and enforcing the property rights of the individuals and firms to […]

How does 3D printing work?

There are three different ways 3D printers work but they all rely on the printer converting a design into individual 2D slices which are then combined to make the final 3D object. The first method uses a pool of chemicals that turns solid when light, typically a UV laser, is shone on to it. The […]

Cigarette smoking causes emphysema.

Nearly everyone knows that smoking causes lung cancer, but did you know that smoking causes a number of other serious lung diseases? These include chronic bronchitis and emphysema, collectively known as chronic obstructive pulmonary disease (COPD). COPD is the fourth largest killer of Australians and smoking is the most important risk factor for COPD. When […]