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Bipina Poudel
3 years ago Grade -11 (NEB) > Management Accountancy

Need for the preparation of bank reconciliation statement

 State the need for the preparation of bank reconciliation statement.

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  • bank reconciliation statement
  • State the need for the preparation of bank reconciliation statement
  • the preparation of bank reconciliation statement
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Bipina Poudel
3 years ago Answer Link CTEVT > Diploma/PCL > PCL In Medical Lab Technology Revised 2019

The need and importance of the bank reconciliation statement are as follows:

 
  • It ensures the accuracy of the balances and records shown by the passbook and cash book.
  • It detects the errors which might have occurred in a cash book in connection with bank transactions and help in rectifying those errors.
  • Regular preparation of bank reconciliation statements helps in prevention of fraud.
  • It detects any undue delay caused during the recording of transactions or collection of cheques.
  • This helps in taking appropriate action to prevent any further delay.
  • It keeps a check on the accuracy of entries made in both books.
  • It helps in updating the cash book as per the passbook.
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