Which of the following is TRUE about a bank reconciliation?
A)A bank reconciliation cannot be prepared with internet banking.
B)A bank reconciliation is a financial statement.
C)A bank reconciliation guarantees that no errors have been made.
D)A bank reconciliation should not be prepared by an employee who handles cash transactions.

Question

Quizplus · Accepted Answer

A bank reconciliation should be prepared by someone who does not handle cash transactions to ensure an independent check on the accuracy of the cash records.

Which of the Following Is TRUE About a Bank Reconciliation