On any given day,it is unlikely that the balance in the cash account on the depositor's general ledger (or books)will be the same as the bank balance.

Question

Quizplus · Accepted Answer

This is because there may be outstanding checks or deposits that have not yet cleared the bank, resulting in a difference between the two balances. This is known as a bank reconciliation, which is a process used to compare and adjust the two balances.

On Any Given Day,it Is Unlikely That the Balance in the Cash