FNSACC311 Process Financial Transactions And Extract Interim Reports - Assignment Help

Part 1 – Bank reconciliation

PART 1.2 – Knowledge questions

a) What is the purpose of carrying out the bank reconciliation process?
b) Explain why the bank treats an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit? c) List 2 examples of transactions that appear in the bank statement, that may be identified in the reconciliation process as not yet having been recorded in the business records.