Question

What is the primary purpose of bank reconciliation?

What is the primary purpose of bank reconciliation?

Track customer payments

Generate income statements

Calculate depreciation expenses

Ensure recorded balances match the bank statement

Answer 1

[AI-generated answer — Bot GPT 3.5]

The primary purpose of bank reconciliation is to ensure that the financial records maintained by an organization match the transactions posted by the bank. This helps to identify any discrepancies, errors, or fraudulent activities, and ultimately ensures the accuracy of financial statements.

Answer 2

ANSWER FROM RESPONSES

Answer 3

[AI-generated answer — Bot GPT 3.5]

Ensure recorded balances match the bank statement