What is reconciliation in terms of a bank statement?

Question

The process of reaching agreement between two opposing parties.
Comparing a bank statement in your own records to ensure that balances are correct, and there have not been any errors or fraud.
A process that is internal to the bank that cannot be done without access to internal bank records.
There is no such thing.

Answer 1

The correct answer is: Comparing a bank statement to your own records to ensure that balances are correct, and there have not been any errors or fraud.