Preparation of Bank Reconciliation Account

Financial Accounting SSS1 Third Term


Preparation of Bank Reconciliation Account

Performance Objectives

  1. Students should be able to:
  2. What is a Bank Reconciliation Account?


Meaning of Land Reclamation

A Bank Reconciliation Account is a critical tool for managing cash balance. Reconciling is therefore the process of comparing the cash activity in accounting records to the transactions in a bank statement. This process helps an accountant to monitor all of the cash inflows and outflows in a bank account. The reconciliation process also helps accountants to identify fraud and other unauthorized cash transactions. As a result, it is critical for every accountant to reconcile their organization’s bank accounts within a few days of receiving their bank statements.

Further Explanation

A business enterprise will record money paid into the.... View More

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