Follow Our FB Page << >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...

what is the accounting term of bank reconcilation? explain

Answers were Sorted based on User's Feedback

what is the accounting term of bank reconcilation? explain me..

Answer / ramya

A company's general ledger account Cash contains a record
of the transactions (checks written, receipts from
customers, etc.) that involve its checking account. The
bank also creates a record of the company's checking
account when it processes the company's checks, deposits,
service charges, and other items. Soon after each month
ends the bank usually mails a bank statement to the
company. The bank statement lists the activity in the bank
account during the recent month as well as the balance in
the bank account.
When the company receives its bank statement, the company
should verify that the amounts on the bank statement are
consistent or compatible with the amounts in the company's
Cash account in its general ledger and vice versa. This
process of confirming the amounts is referred to as
reconciling the bank statement, bank statement
reconciliation or bank reconciliation.

Is This Answer Correct ?    9 Yes 1 No

what is the accounting term of bank reconcilation? explain me..

Answer / d.kavitha

As per accounting term when the company/firm get the
difference between cash book bank balance & bank book
passbook balance then on that time reconciliation statement
will be prepared .

simply we can say when we get the difference between as per
bank balance & in cash book particular bank coloum
balance, to reconciliation the balance difference statement
will be prepared.

Is This Answer Correct ?    5 Yes 0 No

Post New Answer

More Accounting General Interview Questions

how to pass the journal entry for tds dedcted on commission receivable

5 Answers   ABC, REDR,

What is tally and its features?

0 Answers  

Honda car dr 11556 purchase 25/08/2010 to bank cr 4100 to loan cr 7456 Installment paid upto 31/7/2012 @ 207/-pm (total 4761/-) Loan Bal. 2695/- Car was cancelled due to accident in June-2012. Finance company refunded 6656/-(15/08/2012) Total accumulated depreciation was 5202.318. what will be the Car write-off entry..??

2 Answers  

The Actual Rent was 12000,in the month of Feb i had paid 15000 and in the month of march i had paid 3000. Pass the necessary Journal entry for this.

27 Answers   Accenture, Genpact, Sunshine,

what is general accounting?

3 Answers   Cap Gemini, First American Corporation,

purchasing of software more than Rs.8000/- will be treated as expense or assets

9 Answers   ASD Lab, Dominos,

How do I charge bank charges on payments to clients

0 Answers   Cosmac,


2 Answers  

What is the entry for closing stock value reduction?

0 Answers   ICICI, ICS Integrated Computer Solutions,

Q1.How depreciation deffer from depletion? the main benefit from calculating and recording depreciation.

0 Answers  

what is lease accounting?? please explain me....

0 Answers  

How Many Methods of Depriciation & Which are those ??

6 Answers   Focus,