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 report is primarily used to compare the cash balance per the company's records with the cash balance per the bank statement, identifying any differences between the two?

Budget Variance Report

Income Statement

Trial Balance

Bank Reconciliation Statement

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Verified step by step guidance

Understand the purpose of the Bank Reconciliation Statement: It is a report used to reconcile the cash balance recorded in the company's books with the cash balance shown on the bank statement, identifying discrepancies such as outstanding checks, deposits in transit, or bank errors.

Recognize the importance of this report: It ensures the accuracy of the cash balance in the company's financial records and helps detect any unauthorized transactions or errors.

Learn the key components of the Bank Reconciliation Statement: These include the company's book balance, the bank statement balance, adjustments for outstanding checks, deposits in transit, and any bank fees or errors.

Understand the process: Start with the cash balance per the bank statement, add deposits in transit, subtract outstanding checks, and adjust for any bank errors or fees to arrive at the adjusted bank balance. Then, compare this to the adjusted book balance.

Apply the concept: Use the Bank Reconciliation Statement regularly to maintain accurate financial records and ensure proper cash management within the company.