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Questions and Answers
Which of the following best describes a bank reconciliation statement?
Which of the following best describes a bank reconciliation statement?
- A statement that shows the amount of money a bank owes to its customers
- A statement that shows the amount of money a business owes to its customers
- A statement that shows the amount of money a business owes to its suppliers
- A statement that shows the amount of money a business owes to its bank (correct)
What is the purpose of a bank reconciliation statement?
What is the purpose of a bank reconciliation statement?
- To show how much money a bank owes to its customers
- To identify any discrepancies or errors between a business's records and the bank's records (correct)
- To show how much money a business has in its bank account
- To calculate the interest earned on a bank account
When should a bank reconciliation statement be prepared?
When should a bank reconciliation statement be prepared?
- At the end of each year
- At the end of each quarter
- At the end of each month (correct)
- Whenever the business owner feels like it
