Which of the following is true of the bank reconciliation?
A)It should not be prepared by an employee who handles cash transactions.
B)It is prepared in place of the cash ledger.
C)It is a financial statement.
D)It guarantees that no errors have been made.

Question

Quizplus · Accepted Answer

The bank reconciliation should be prepared by someone independent of cash handling activities to ensure an unbiased review of the cash transactions.

Which of the Following Is True of the Bank Reconciliation