The process of comparing the office financial records with the monthly statement from the bank is known as ____.

Question

Quizplus · Accepted Answer

Reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. In the context of financial records and bank statements, reconciliation involves comparing the company's own financial records against the bank's records to identify any discrepancies and make adjustments as necessary. This is crucial for accurate financial reporting and management.

The Process of Comparing the Office Financial Records with the Monthly