Differences between the balance the bank reports on the bank statement and the balance the business shows in its accounting records usually arise for which of the following two reasons: (Check all that apply) Check All That ApplyClosing entries have been madeClosing entries have been madeErrors (bank errors or company errors)Errors (bank errors or company errors)Adjusting entries have been made twiceAdjusting entries have been made twiceTiming differences between when the bank records and when the company records an item

Introduction:- Bank reconciliation is the process of comparing data the cash balance on a company’s balance sheet to the comparable amount on its bank statement.Explanations:- Differences between the balance the bank reports on the bank statement and the balance the business shows in its accounting records usually arise for which of the following two reasons as follows under:- 1)Errors (bank errors or company errors)2)Timing differences between when the bank records and when the company records an itemConclusion:- As per the above discussions option "2 and 4" is the correct answer, which satisfies the given requirement and remaining options do not satisfy the given requirement... I hope helpful to you… If you are satisfied... Support me... Thank you...

Answered: Differences between the balance the…

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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Differences between the balance the bank reports on the bank statement and the balance the business shows in its accounting records usually arise for which of the following two reasons: (Check all that apply)

Check All That Apply

Closing entries have been made
Closing entries have been made
Errors (bank errors or company errors)
Errors (bank errors or company errors)
Adjusting entries have been made twice
Adjusting entries have been made twice
Timing differences between when the bank records and when the company records an item

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