Which of the following is NOT an objective of a bank reconciliation?
A)Detection of errors.
B)Update the checking account for unrecorded increases and decreases in cash.
C)It is a great internal control that involves comparing actual assets at the bank with accounting records.
D)The reconciliation ensures that the owner's personal expenses are not included in the business expenses.

Question

Quizplus · Accepted Answer

The reconciliation process is not aimed at ensuring that the owner's personal expenses are not included in the business expenses. This is the responsibility of the owner to keep separate records for personal and business transactions. The primary objectives of bank reconciliation include detection of errors, updating the checking account, and internal control.

Which of the Following Is NOT an Objective of a Bank