bank statement is prepared Question 1 options: to know the payment made through cheques to know the errors in the passbook to compare cash book with bank statement to ascertain the differences none of the above

A bank reconciliation statement is prepared by the management at a particular time period. It helps…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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bank statement is prepared

Question 1 options:

	to know the payment made through cheques
	to know the errors in the passbook
	to compare cash book with bank statement to ascertain the differences
	none of the above

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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