Passing Bank Reconciliation Statement PowerPoint PPT Presentations

Businesses maintain cash books to record both cash as well as bank transactions.A Cashbook has a cash column that shows cash available with the business and a bank column that shows cash at the bank. Bank also keeps an account for every customer in their books. All the deposits are recorded on the credit side of the customer’s account and withdrawals are on the debit side of their account. An account statement is sent regularly to the customers by the bank. Sometimes the bank balances as per the cash book and bank statement doesn’t match. In case the balance available in the passbook doesn’t match the bank column of the cash book, the business should identify the reasons for the same. https://lexlens.com/

Here we have considered the Difference between the Bank balance as per Cash Book & the Pass book by preparation of the Bank Statement. The reasons of differences & importance of finding the variation is discussed

PROCEDURE FOR PREPARING A RECONCILIATION STATEMENT. Check each item in the cash book for the month against the corresponding item in ...

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PREPARING COMPONENTS UNITS FOR THE FINANCIAL STATEMENT YEAR END CLOSE Jeanne H. Yamamura CPA, MIM, PhD REVIEW OF TERMINOLOGY AND CONCEPTS The set of accounts used by ...

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FOR MORE CLASSES VISIT www.acc544edu.com ACC 544 Quiz 2 • Question 1 Mead Corp. orally engaged Dex & Co., CPAs, to audit its financial statements. The management of Mead informed Dex that it suspected that the accounts receivable were materially overstated. Although the financial statements audited by Dex did, in fact, include a materially overstated accounts receivable balance, Dex issued an unqualified opinion. Mead relied on the financial statements in deciding to obtain a loan from City Bank to expand its operations

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Cash and Internal Controls

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