A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement.

Question

Quizplus · Accepted Answer

A bank reconciliation is used to identify any discrepancies between the balance on the depositor's records and the bank statement. It is necessary to ensure that all transactions have been recorded accurately and to uncover any errors or fraudulent activity.

A Bank Reconciliation Explains Any Differences Between the Balance of a Checking