Accounts Receivable (AR) Question:
Download Questions PDF

what is reconciliation?


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

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

Doing a regular bank reconciliation will allow you to:

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

By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

Download Accounts Receivable Interview Questions And Answers PDF

Previous QuestionNext Question
What is the difference between finance and accounts? most of the companies having a different section like finance and accounts. why they are not had only single section neither finance nor accounts?Which type of assets should be capitalized and when expense out?
Which type of assets expense out or when?