After the quiz on ledger , now its time for Bank reconciliation statement which is prepared as a settlement of records between the balance per financials books and the balance per the bank statement. The process of accounting bank statement reconciliation is essential because of the many timing differences and errors in the recording process between two parties.
When effectively implemented it assures that the bank as well as the business have relevant financial statements. The process of bank reconciliations bring value. From here each account is checked with records to assure a purchase date, income or expenditure, notes or additional needs, and more.
10 Questions on Bank Reconciliation Statement of Class -XI