Fundamental Financial Accounting Concepts
Quiz 6: Internal Control and Accounting for Cash
All Journal Entries Made Related to Bank Reconciliations Include an Expense
All journal entries made related to bank reconciliations include an expense or revenue account.
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All adjustments to the unadjusted cash balance on a bank reconciliation require journal entries,but no adjustments to the bank statement balance require journal entries.
Preparing a bank reconciliation is a requirement to obtain an unqualified audit opinion,but is not an important internal control for a business.
After journal entries have been made related to a bank reconciliation,the book balance will be equal to the true cash balance.
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