Asked by Angelstar Kasper on May 28, 2024
Verified
A bank reconciliation explains any differences between the checking account balance on the depositor's records and the balance reported on the bank statement.
Bank Reconciliation
The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
Checking Account Balance
The amount of money currently available for withdrawal in a person's or entity's checking account.
- Comprehend the process and importance of bank reconciliations.
Verified Answer
ZK
Zybrea KnightJun 03, 2024
Final Answer :
True
Explanation :
A bank reconciliation is used to compare the depositor's records of their checking account with the balance reported on the bank statement. Any differences between the two balances must be explained and reconciled.
Learning Objectives
- Comprehend the process and importance of bank reconciliations.
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