PSY2102 Lecture Notes - Lecture 8: Bank Reconciliation, Bank Statement, Debit Card
Document Summary
The article discusses bank reconciliation, bank reconciliation statements and provides detailed bank reconciliation statement mcq as well as providing bank reconciliation statement questions and answers. Table of content: bank reconciliation statement, requirements of bank reconciliation statement, purpose of brs. In accountancy, a bank reconciliation statement is a part of financial and banking activities. It is a summary of these activities that do not coincide with the business financial records. A bank reconciliation statement reconciles withdrawals, deposits, transfers as well as other associated activities with banking institutions and other parties. It is a crucial financial tool implemented in the internal affairs of a firm that reduces the possibility of fraud. These statements confirm the transactions that have been processed. A bank reconciliation statement also provides records of cash deposits in the firm"s bank account. This keeps all documents relating to transactions and collection of financial activities between a firm and its bank account.
