At year end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled? Reconciliation Discrepancy Report Reconciliation Audit Log Balance Sheet Detail Reconciliation Report Reconciled Transaction Detail by Account
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Listed below are the actions one would take when reconciling a bank statement. Drag each action into the order in which it is performed. Match the closing balance on the previous statement with the beginning balance on the current statement. Record the closing balance from the current statement on the reconciliation worksheet on the back of the current statement. Compare the amounts of the checks with the amounts on the current bank statement. Place all returned checks in numerical order. Compare the checkbook balance with the bank statement balance. List all outstanding checks separately on the reconciliation worksheet. Match the deposit receipts with those on the bank statement. Add any interest earned as well as service charges. If the two do not agree, check your work and then call the bank.
Akash M.
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
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The purpose of the post-closing trial balance is to: a. Show that all debits are equal to the credits before closing the accounts b. Prove the equality of the permanent account balances c. Prove the equality of the temporary account balances d. Make sure that there are no errors in the financial statements
Jennifer S.
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Horngren’s Cost Accounting
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Principles of Accounting Volume 1: Financial Accounting
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