BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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this happens when you fill out your check register.
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At the end of the month you check to see if your check register matches your bank statement.
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This happens when you go to the bank and deposit money
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This happens each time you write a check.
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Detailed explanation-1: -Balancing your checkbook, which is also known as reconciling your account, is basically about making sure that the records you have kept for your financial transactions match those the bank lists on your statement.
Detailed explanation-2: -Checkbooks are where we get the phrase “balancing a checkbook.” It’s also called reconciling an account. Basically, it just means you’re making sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement.
Detailed explanation-3: -Bank reconciliation is a way to double-check your bookkeeping. You do it by comparing your business accounts against your bank statements. Both sets of records should agree with each other.
Detailed explanation-4: -A bank reconciliation helps ensure that your ending bank statement and your general ledger account are in balance. Remember, your cash or bank accounts in your general ledger should reflect the same activity that is on your bank statement. If it doesn’t, you need to determine what’s missing.