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

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