An analysis that explains the difference between the balance of a chequing account shown in the depositor's records and the balance shown on the bank statement is a(n)
A) Internal audit
B) Bank reconciliation
C) Bank audit
D) Trial reconciliation
E) Analysis of debits and credits

Question

Quizplus · Accepted Answer

The difference between the balance of a chequing account shown in the depositor's records and the balance shown on the bank statement is reconciled through a bank reconciliation. This process involves comparing the transactions recorded in the depositor's records with those reported by the bank, and identifying any discrepancies or errors that may exist. It helps to ensure that the balance shown in the depositor's records is accurate and up-to-date.

An Analysis That Explains the Difference Between the Balance of a Chequing