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Write T if you think the following sentence is True and F if False. Give a...

Write T if you think the following sentence is True and F if False. Give a reason!

There are two types of bank confirmations, which are positive confirmation and negative confirmation.

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Answer #1

Positive confirmation are those confirmation in which balance is required from third party whether it is matching or not with the client balance. Whereas in negative confirmation, third party only have to inform in case balance is not matching i.e. there is mis-match in balances. In other case nothing has to be done.

However in case of Banks, Auditors are required to verify balances with banks so positive confirmations are sent to bank. There is no negative confirmations in case of bank.

So this statement is false.

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