Bank Reconciliation Matching Quiz

Transaction problem = Discrepancy in financial records that needs to be resolved Bank reconciliation statement = Comparison of the bank statement with the company's cash records JSON format = A lightweight data interchange format Example = A representative instance serving as a model to be followed or imitated

Discrepancy = A lack of compatibility or similarity between two or more facts Comparison = The act of examining two or more items to establish similarities and differences Representative = Typical of a particular group, class, or body Instance = An example or single occurrence of something

Resolution = The action of solving a problem, dispute, or contentious matter Comparison = To identify similarities and differences between two or more items Model = Something serving as a standard for imitation or comparison Representation = The action of representing something with symbols or images

<p>Financial records = Documents that provide evidence of transactions and the company's financial activities Bank statement = A summary of financial transactions which have occurred over a given period on a bank account Cash records = Documents that track the inflow and outflow of cash in a company Data interchange format = A system for exchanging information between computer systems</p> Signup and view all the answers

<p>To ensure the accuracy and consistency between the bank's records and a company's accounting records.</p> Signup and view all the answers

<p>20 transactions</p> Signup and view all the answers

<p>It helps in detecting errors and frauds in the accounting records.</p> Signup and view all the answers

<p>The difference needs to be investigated and resolved.</p> Signup and view all the answers