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WAEC Financial Accounting 2016 Question 10

Question 10

Banking and Bank Reconciliation

Bank reconciliation statement is prepared to reconcile the differences between

  1. A.bank statement and credit transfers
  2. B.cash book and bank transfers.
  3. C.bank statement and cash transfers.
  4. D.cash book and bank statement.
Show the answer and explanation

Answer: D (cash book and bank statement.)

Explanation

It explains why the cash book bank balance differs from the bank statement balance.