Question { HCL, 21212 }

What do you mean by an Accounting Cycle....?????

Answer

accounting cycle start from journal entry i.e recording the
transaction and next step is posting into the ledger a/c
after ledger a/c it involves in preparation of trial
balance and finally final account i.e Trading&p/l a/c and
balance sheet.this process is called accounting cycle and
for next year it is again start from journal entry and ends
with final account.

Question { Northern Trust, 52823 }

what do you mean by Bank reconcilation statement

Answer

the balance of cash as per company cash book and pass book
should always be equal but due to some reason it may not be
equal,in this case bank reconcilation statement is
prepared.it helps to find out the causes of differences
between cash book and pass book.