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

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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