BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Check register and monthly bank statement
|
|
|
Credit card statement and monthly bank statement
|
|
|
Check register and credit card statement
|
|
|
Check register and voided checks
|
Detailed explanation-1: -To do a bank reconciliation you would match the cash balances on the balance sheet to the corresponding amount on your bank statement, determining the differences between the two in order to make changes to the accounting records, resolve any discrepancies and identify fraudulent transactions.
Detailed explanation-2: -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.
Detailed explanation-3: -A bank reconciliation statement is a document prepared by a company that shows its recorded bank account balance matches the balance the bank lists. This statement includes all transactions, such as deposits and withdrawals, from a given timeframe.