Question

Give one point of importance of bank reconciliation statement.​

Answer 1

• Give one point of importance of bank reconciliation statement.
• Answer:A Bank Reconciliation Statement locates the errors or omissions that may have been committed either on the part of the customer or the bank. The errors so detected can be rectified accordingly.

Answer 2

Explanation:

A Bank Reconciliation Statement is needed and is important because of the following reasons: It helps in knowing the actual Bank balance. It helps in discouraging the staff from embezzlement. Helps in identifying the reason for differences in the Cash Book and the Pass Book.

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