Which of the following is a benefit of online banking to a business?
A)The business can reconcile to the bank's balance at any time.
B)The bank reconciliation is not necessary.
C)The business can reduce their internal controls over cash receipts.
D)A company's book balance will always equal the bank's balance.

Question

Quizplus · Accepted Answer

Online banking allows a business to reconcile their bank statement at any time, which helps them to keep track of their account balance and identify any discrepancies or errors. This improves the accuracy and timeliness of the company's financial reporting. Option B is incorrect because bank reconciliation is still necessary, even with online banking. Option C is also incorrect, as online banking does not reduce the need for internal controls over cash receipts. Option D is incorrect because there may still be differences between a company's book balance and the bank's balance even with online banking.

Which of the Following Is a Benefit of Online Banking