Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Bank Reconciliation

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Multiple Choice

Which document is primarily used to validate the bank and credit card account balances reported on a company's balance sheet?

Cash flow statement

Income statement

Bank reconciliation statement

Trial balance

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Verified step by step guidance

Understand the purpose of the question: The goal is to identify the document that validates the bank and credit card account balances reported on a company's balance sheet.

Review the options provided: Cash flow statement, Income statement, Bank reconciliation statement, and Trial balance.

Analyze the function of each document: The Cash flow statement tracks cash inflows and outflows, the Income statement reports revenues and expenses, the Bank reconciliation statement compares the company's records to the bank's records, and the Trial balance lists all ledger accounts and their balances.

Focus on the Bank reconciliation statement: This document is specifically designed to reconcile the company's recorded balances with the actual balances reported by the bank, ensuring accuracy in the balance sheet.

Conclude that the Bank reconciliation statement is the correct answer because it directly validates the bank and credit card account balances reported on the balance sheet.