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
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.
ANSWER FROM RESPONSES
GPT 3.5
Ensure recorded balances match the bank statement

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