A bank reconciliation is generally prepared by the bank and sent to the depositor along with cancelled checks.

Question

Quizplus · Accepted Answer

A bank reconciliation is prepared by the depositor, not the bank. It is a process in which the depositor compares their own records of deposits and withdrawals with the bank's records to identify any discrepancies. The bank may provide a statement of transactions, but it is up to the depositor to perform the reconciliation. Cancelled checks may be included with the statement, but they are not part of the reconciliation process.

A Bank Reconciliation Is Generally Prepared by the Bank and Sent