Which of the following statements in relation to bank reconciliation is true?

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.

Key Takeaways

• A bank reconciliation statement summarizes banking and business activity, reconciling an entity’s bank account with its financial records.
• Bank reconciliation statements are useful check-and-balance tools used to detect errors, omissions, and fraud. When done frequently, they help companies thwart fraud before serious damage occurs and prevent errors from compounding. It is also a simple and invaluable process to help manage cash flows.

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  Which statement is true about a bank reconciliation statement?

  Bank reconciliation statement is a report which compares the bank balance as per company's accounting records with the balance stated in the bank statement. It is normal for a company's bank balance as per the accounting records to differ from the balance as per bank statement due to timing differences.

  Which of the following statements in relation to bank reconciliation is not true?

  But, it is not true for a bank reconciliation statement that the balance as per cash book and passbook are same as when the two balances are same, bank reconciliation statement is not required.

  Which of the following are found in the bank reconciliation statement?

  A bank reconciliation statement is a summary of all the transactions (deposits, withdrawals, extra charges and interest) on a company's bank account and its equation with its financial records. The two must tally.

  Which statement best describes a bank reconciliation?

  Which statement best describes a bank reconciliation? It is the process of comparing, or reconciling, the bank statement with a company's accounting records for the cash account.