Preparing the bank recociliation is consifered to be an important step in interna; control process for cash, as there is difference between depositers' accounting records and the bank statement. Explain the causes of discrepancies for this situatuon with specific example for each cause,

Preparing the bank recociliation is consifered to be an important step in interna; control process for cash, as there is difference between depositers' accounting records and the bank statement. Explain the causes of discrepancies for this situatuon with specific example for each cause,

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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Part II Preparing the bank reconciliation is considered to be an important step in the internal control process for cash. It is because the cash balances in the depositor's accounting records and its bank statement usually do not agree. Explain the causes of discrepancies for this situation with a specific example for each cause.
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