Which of the following should be included in a proper bank reconciliation process?

Type: MCQ • Marks: 1

A. Only counting physical cash

B. Only comparison of opening balances

C. Comparison of balances, identification of timing differences, verification of bank charges/direct credits and correction of errors

D. Only checking annual expenditure

Explanation

Reconciliation is both a mathematical and investigative control process.

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UPSC Principal & Vice Principal Management Finance Administration

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