Question
What is the primary purpose of bank reconciliation?
What is the primary purpose of bank reconciliation?
Track customer payments
Generate income statements
Calculate depreciation expenses
Ensure recorded balances match the bank statement
What is the primary purpose of bank reconciliation?
Track customer payments
Generate income statements
Calculate depreciation expenses
Ensure recorded balances match the bank statement
Answers
Answer
ANSWER FROM RESPONSES
Answered by
GPT 3.5
The primary purpose of bank reconciliation is to ensure that the financial records maintained by an organization match the transactions posted by the bank. This helps to identify any discrepancies, errors, or fraudulent activities, and ultimately ensures the accuracy of financial statements.
Answered by
GPT 3.5
Ensure recorded balances match the bank statement
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