Question

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Q4. What is the bank reconciliation? why is it important for companies to prepare bank reconciliation periodically?         

Answer 1

A bank reconciliation is the process in which the company checks wheather the entries or the transactions recorded in the books of accouts of the company and the bank statement matches and both are the same.The bank reconciliation is done in a company monthly or quarterly or yearly as a normal accounting process.

It is an important process because it helpls in finding the fraudulent activities easily that some unwanted transactions which is recorded can be found easily.