A company that carefully prepares bank reconciliations will be likely to discover if checks were written and mailed, but which had not been recorded in the company's books.

Question

Quizplus · Accepted Answer

Bank reconciliations involve comparing the company's records with the bank statement to ensure that all transactions have been recorded accurately. This process should reveal any discrepancies, including checks that were written and mailed but not yet recorded in the company's books.

A Company That Carefully Prepares Bank Reconciliations Will Be Likely