Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 46 - No. 30)
If a business receives a bank statement, what is the usual purpose of this document?
To record all cash transactions.
To reconcile the cash book with the bank's records.
To record all purchase transactions.
To show all sales revenue.
Explanation
The bank statement is used to ensure the cash book and bank's records are aligned, used for reconciliation.
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