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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is an effective way to address concerns about discrepancies in your checking account balance?

Ignore the difference and wait for the next statement.

Withdraw all funds immediately to avoid further discrepancies.

Only rely on the bank's balance without keeping your own records.

Prepare a bank reconciliation to compare your records with the bank statement.

Previous problemNext problem

Verified step by step guidance

Understand the concept of bank reconciliation: Bank reconciliation is the process of comparing your personal financial records (check register or accounting software) with the bank's statement to identify and resolve discrepancies.

Gather necessary documents: Obtain your bank statement and your own financial records, such as your check register or accounting software reports.

Identify discrepancies: Compare each transaction in your records with the transactions listed on the bank statement. Look for differences such as outstanding checks, deposits in transit, or bank fees.

Adjust your records: Update your personal financial records to account for any discrepancies, such as bank fees or interest income that may not have been recorded yet.

Prepare the reconciliation statement: Create a formal reconciliation statement that shows the adjustments made and ensures that the adjusted balance matches the bank's balance.