Question

What are you primarily doing when you reconcile your checking account?
a.
Making sure the bank spelled your name properly.
b.
Making sure that your records match your bank’s records.
c.
Writing down the transactions that your bank automatically records so you don’t have to.
d.
Calling the bank to check the dates on each transaction.

Answer 1

b. Making sure that your records match your bank’s records.

Explanation: Reconciling means comparing your check register to the bank statement, accounting for outstanding checks, deposits in transit, fees, and errors so both balances agree.