What is reconciliation?, Accounting Basics

Assignment Help:

You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put extra transactions by your account such as:


? bank fees or interest charges
? direct debits (payments) and direct credits (receipts).

Doing a regular bank reconciliation will permits you to:

? take into account any extra transactions your bank puts by your account and
? check and record any errors or omissions.

 


Related Discussions:- What is reconciliation?

Fifo under periodic inventory procedure, Q. FIFO under periodic inventory p...

Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to

Example of sales cycle of company, Q. Example of sales cycle of company? ...

Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto

I need help understanding my accounting 205 class., I need help understandi...

I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.

Prepare a system flowchart - systems analysis, GILCO rents DVDs and DVD pla...

GILCO rents DVDs and DVD players (players) on a short term basis to airline passengers through GILCO locations at every large commercial airport throughout the world.  A passenger

Explain the scope of accounting standards, Fundamental of Accounting 1....

Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s

Measurement process in accounting, Earlier we defined accounting as the pro...

Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the informa

During the current year, During the current year, Mast Corporation expects ...

During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000

the specific citation for accounting , Corporations frequently invest in s...

Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the ot

Interest rate implied in cash discounts, Q. Interest rate implied in cash d...

Q. Interest rate implied in cash discounts? Interest rate implied in cash discounts to decide whether you should take benefit of discounts by using your cash or borrowing makes

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd