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WAEC Financial Accounting 2017 Question 3

Question 3

Banking and Bank Reconciliation

A document sent by a bank to its current account customers detailing their transactions over a given period is

  1. A.bank reconciliation statement.
  2. B.bank statement.
  3. C.credit transfer.
  4. D.banker's advice.
Show the answer and explanation

Answer: B (bank statement.)

Explanation

The bank statement is the bank's copy of the customer's account sent to the customer.