Question

what do you understand by the term bank reconciliation statement?​

Answer 1

Answer:

a bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statemen t outlines the deposits, withdrawals and other activities affecting a bank account for a specific period.

Explanation:

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Answer 2

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Bank Reconciliation Statement=

A bank reconciliation statement is a document that matches the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. Reconciling the two accounts helps determine if accounting changes are needed. Bank reconciliations are completed at regular intervals to ensure that the company’s cash records are correct. They also help detect fraud and any cash manipulations.

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