Which of the following best describes bank reconciliation?

Type: MCQ • Marks: 1

A. Comparison of the cash book's bank balance with the bank statement and investigation of differences

B. Comparison of budget with salary expenditure only

C. Physical counting of office furniture

D. Calculation of depreciation

Explanation

Bank reconciliation identifies timing differences, errors, omissions and potentially unauthorised transactions.

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UPSC Principal & Vice Principal Management Finance Administration

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