Question

A bank reconciliation statement depicts the causes of the difference between which of the following?

Answer 1

Answer:

Causes of Difference

Since two copies are never identical, two record keeping accounts can never be the same. There lie causes of difference in BRS (Bank Reconciliation Statement). It records the causes of difference in BRS and helps in correction. For better accounting, reconciliation records cause of the difference in BRS. Although it seems an easy task, it requires proper attention. Once you rectify the causes of difference in BRS, you are free to handle other business issues.

Overview of Bank Reconciliation Statement

A bank statement may differ in various terms from cash book prepared by a business firm. However, a rescue operation helps to fill the gaps i.e. Bank Reconciliation Statement. It is not every time necessary that the Bank is responsible for the differences. Sometimes, business firms might make mistakes.

Explanation:

hope it's helpful