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

How many steps are typically involved in the process of bank statement reconciliation as described in standard accounting procedures?

Two steps

One step

Four steps

Six steps

Previous problemNext problem

Verified step by step guidance

Understand the concept of bank statement reconciliation: It is the process of comparing the bank's records (bank statement) with the company's accounting records to ensure they match and identify any discrepancies.

Step 1: Compare the deposits recorded in the company's books with the deposits shown on the bank statement. Identify any missing or incorrect entries.

Step 2: Compare the checks issued by the company with those cleared by the bank. Look for outstanding checks or discrepancies in amounts.

Step 3: Adjust the company's books for any bank fees, interest income, or other transactions that appear on the bank statement but are not yet recorded in the company's books.

Step 4: Prepare a reconciliation statement to ensure the adjusted balances of the bank statement and the company's books match. Investigate and resolve any remaining discrepancies.