Question

Name two items that need to be added or subtracted to the bank balance during a bank reconciliation.

Answer 1

Answer:- 1)-The two items that need to be added to the bank balance during a bank reconciliation are as follows:- The first item is deposits in transit and second item errors done by the banks itself, when error rectify by the bank then bank will increase the balance on the bank statement.

2)- The two items that need to be subtracted to the bank balance during a bank reconciliation are as follows:- The first item is outstanding checks and second item errors done by the banks itself, when error rectify by the bank then bank will reduce the balance on the bank statement.