Your cousin works in the accounting department of his Company. You are at a family get together and he says he hates this part of his job where he has to reconcile the bank statements every month. He says "I don't understand why this is necessary. Almost all our customers pay online and the bank tracks all the ins and outs of the cash in the account. I think these bank reconciliations are a waste of time!" You think that you don't really reconcile your checking account every 1. Name at least three benefits achieved by performing a bank reconciliation that you could share with your cousin.
Your cousin works in the accounting department of his Company. You are at a family get together and he says he hates this part of his job where he has to reconcile the bank statements every month. He says "I don't understand why this is necessary. Almost all our customers pay online and the bank tracks all the ins and outs of the cash in the account. I think these bank reconciliations are a waste of time!" You think that you don't really reconcile your checking account every 1. Name at least three benefits achieved by performing a bank reconciliation that you could share with your cousin.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your cousin works in the accounting department of his Company. You are at a family get together and he says he hates this part of his job where he has to reconcile the bank statements every month. He says "I don't understand why this is necessary. Almost all our customers pay online and the bank tracks all the ins and outs of the cash in the account. I think these bank reconciliations are a waste of time!" You think that you don't really reconcile your checking account every
1. Name at least three benefits achieved by performing a bank reconciliation that you could share with your cousin.
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