Question on: WAEC Accounting - 2016
Bank reconciliation statement is prepared to reconcile the differences between
A
Bank statement and credit transfers
B
Cash book and bank transfers
C
Bank statement and cash transfers
D
Cash book and bank statement
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Correct Option: D
AĀ bank reconciliationĀ is used to compare your records to those of yourĀ bank, to see if there are any differences between these two sets of records for your cash transactions. The ending balance of your version of the cash records is known as the book balance, while theĀ bank'sĀ version is called theĀ bankĀ balance.
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