JAMB - Accounts Principles Of Accounts (2019 - No. 34)
The importance of bank statement is all except
verifies the accuracy of balances of cash book and cheque book
helps to detect and rectify any error
helps to debit an account
helps to update the cash book
Explanation
Bank statement is prepared by the bank to an account border showing the transactions between the customer and the bank within a period of time. It is usually issued monthly or at agreed intervals to the customers.
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