Cash should be periodically verified by comparing the cash balance with the bank statement.

Name: Cash should be periodically verified by comparing the cash balance with the bank statement.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

It is important to regularly compare the cash balance in the accounting records with the bank statement to ensure that all transactions have been recorded accurately and that there are no discrepancies. This process is known as bank reconciliation and helps to detect errors or fraudulent activity.

Cash Should Be Periodically Verified by Comparing the Cash Balance