Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 36 - No. 6)
Which of the following describes the purpose of a bank statement?
To record all cash transactions.
To show the company's cash position.
To reconcile the business's bank balance.
To manage the company's debts.
Explanation
The bank statement is primarily used to compare with the cash book to find the differences.
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