Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 29 - No. 12)
Which of the following is the purpose of a bank reconciliation?
To identify the value of the business’s assets.
To record every single transaction in the business.
To find the discrepancies between the bank statement and cash book.
To calculate the sales tax.
Explanation
The bank reconciliation statement identifies the differences between the cash book and bank statement, and to find the reasons for the difference.
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