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Which of the following is not salient feature of bank reconciliation statement?
- a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliation
- b)Reconciliation statement will help in finding the person doing any fraud
- c)Reconciliation is done by the bankers
- d)It helps in finding out the actual position of the bank balance.
Correct answer is option 'C'. Can you explain this answer?
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Which of the following is not salient feature of bank reconciliation s...
Salient Features of Bank Reconciliation Statement
Bank reconciliation statement is a process of matching the bank balance as per the company's books with the bank statement. It helps in identifying any discrepancies or errors in the bank statement or the company's books. The salient features of bank reconciliation statement are:
• Timely Identification of Delayed Clearances: Any undue delay in the clearance of cheques will be shown up by the reconciliation. This means that if the company has issued a cheque and it has not been cleared by the bank for a long time, the bank reconciliation statement will identify this delay, allowing the company to follow up with the bank.
• Fraud Detection: Reconciliation statement will help in finding the person doing any fraud. The bank reconciliation statement is an essential tool for detecting any fraudulent activities related to the company's bank accounts. It helps in identifying any suspicious transactions that may have occurred and allows the company to take appropriate action.
• Actual Position of Bank Balance: It helps in finding out the actual position of the bank balance. The bank reconciliation statement is an important document that helps in determining the actual balance of the company's bank account. It takes into account all the transactions that have taken place and ensures that the balance as per the company's books matches with the bank statement.
• Prepared by the Company: Bank reconciliation is done by the company and not the bankers. The bank reconciliation statement is a document prepared by the company's accountant or finance team. It is not done by the bankers as they only provide the bank statement.
Conclusion
Bank reconciliation statement is a vital tool for any company to ensure that its bank accounts are accurate and up-to-date. It helps in identifying any discrepancies or errors in the bank statement or the company's books and ensures that the actual bank balance is known. While the bankers provide the bank statement, the reconciliation is done by the company's accountant or finance team.
Bank reconciliation statement is a process of matching the bank balance as per the company's books with the bank statement. It helps in identifying any discrepancies or errors in the bank statement or the company's books. The salient features of bank reconciliation statement are:
• Timely Identification of Delayed Clearances: Any undue delay in the clearance of cheques will be shown up by the reconciliation. This means that if the company has issued a cheque and it has not been cleared by the bank for a long time, the bank reconciliation statement will identify this delay, allowing the company to follow up with the bank.
• Fraud Detection: Reconciliation statement will help in finding the person doing any fraud. The bank reconciliation statement is an essential tool for detecting any fraudulent activities related to the company's bank accounts. It helps in identifying any suspicious transactions that may have occurred and allows the company to take appropriate action.
• Actual Position of Bank Balance: It helps in finding out the actual position of the bank balance. The bank reconciliation statement is an important document that helps in determining the actual balance of the company's bank account. It takes into account all the transactions that have taken place and ensures that the balance as per the company's books matches with the bank statement.
• Prepared by the Company: Bank reconciliation is done by the company and not the bankers. The bank reconciliation statement is a document prepared by the company's accountant or finance team. It is not done by the bankers as they only provide the bank statement.
Conclusion
Bank reconciliation statement is a vital tool for any company to ensure that its bank accounts are accurate and up-to-date. It helps in identifying any discrepancies or errors in the bank statement or the company's books and ensures that the actual bank balance is known. While the bankers provide the bank statement, the reconciliation is done by the company's accountant or finance team.
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Which of the following is not salient feature of bank reconciliation s...
- A bank reconciliation statement is a tool used to match the balance in a company's accounting records for a cash account to the corresponding information on a bank statement.
- It highlights discrepancies due to timing differences and errors, such as delays in cheque clearance or unauthorized transactions.
- A bank reconciliation statement is prepared by the company, not the bank.
- Therefore, option C is incorrect because reconciliation is done by the company’s accountants, not by bankers.
- It highlights discrepancies due to timing differences and errors, such as delays in cheque clearance or unauthorized transactions.
- A bank reconciliation statement is prepared by the company, not the bank.
- Therefore, option C is incorrect because reconciliation is done by the company’s accountants, not by bankers.
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Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer?
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Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer?.
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Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Which of the following is not salient feature of bank reconciliation statement?a)Any undue delay in the in the clearance of cheques will be shown up by the reconciliationb)Reconciliation statement will help in finding the person doing any fraudc)Reconciliation is done by the bankersd)It helps in finding out the actual position of the bank balance.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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