what is the accounting term of bank reconcilation? explain
me
- 2 Answers
- 4856 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
What is the difference between a provisions and reserves?
What is an Automatic Payment Program ?
contents of an invoice receipt? difference b/w statutory audit & internal audit? Where the bank book and the cash book will not reconcile? difference b/w income & expenditure a/c & p/l a/c? what is ERP? what is full form & the application of SAP? Why income statement prepared? What are the reasons where Balance sheet will not tally? How do you calculated Closing stock in the trading a/c? When will the cash book have a Credit balance? Why do you prepare p/l appropriation a/c? What are the 4 difference b/w public and private company? What do you mean by Contingent liability? Explain: Accrual Concept 1. Realisation concept? 2. Accounting concept?
How to make a vat entry in books including setoff?
Tell us what is the abbreviation for the accounting terms debit and credit?
How to prepare in yearly turnover?
Tell us depreciation and its types?
Define fair value accounting?
director wife expenses which entry
sir , i am very confussing enrty for cash receipts in t code fbcj. do the effect on wbs element after selected wbs ?
Did you use accounting applications at your previous companies or prefer working manually??
How Many Accounting Principale
1.A Company with a net income of $ 7,650 in a year and has 3,000 outstanding shares. Calculate the Earning per Share (EPS).
If there is an excess amt of TDS paid under the head TDS on contractor, then how it can be shown in Annexure of TDS return?
What is the networth percentage observe by banks
