A comparison of the final bank balance on the bank statement with the company checkbook balance is called a/an
A) balance sheet.
B) bank reconciliation.
C) income statement.
D) petty cash fund balance.

Question

Quizplus · Accepted Answer

Bank reconciliation is the process of comparing the company's recorded transactions (checkbook balance) with the bank's records (bank statement) to identify and explain any differences.

A Comparison of the Final Bank Balance on the Bank