The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:
A)Accounts payable.
B)Accounts receivable.
C)Bank reconciliation.
D)Audit Log.
E)All of these.

Question

Quizplus · Accepted Answer

Bank reconciliation is the process of matching and comparing figures from the accounting records against those presented on a bank statement. The goal is to see if there are differences between the two, and to identify and correct any discrepancies. This process ensures that the bank statement and the company's financial records are in agreement.

The Process of Bringing the Balance of the Bank Statement