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JAMB Principles of Accounts 2011 Question 11

Question 11

Banking and Bank Reconciliation

In bank reconciliation process, discrepancies caused by timing arises as a result of

  1. A.cash book and bank statement
  2. B.bank statement only
  3. C.cash book, bank statement and other incidental records
  4. D.cash book only.
Show the answer and explanation

Answer: A (cash book and bank statement)

Explanation

Timing differences arise because the cash book and the bank statement record the same items on different dates.