A bank reconciliation matches the balance of cash in the bank account with the balance of cash in the company's own records.

Question

Quizplus · Accepted Answer

A bank reconciliation is a process of comparing and adjusting the company's bank account balance with the accounting records to ensure they match. This helps to identify any discrepancies or errors in recording transactions that could affect the accuracy of financial statements.

A Bank Reconciliation Matches the Balance of Cash in the Bank