Asked by Jatesha Peters on Jun 14, 2024
Verified
The bank reconciliation is an important part of the system of internal controls.
Internal Controls
Processes put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
- Understand the significance and function of internal controls in managing cash.
Verified Answer
AB
Aditya BanerjeeJun 17, 2024
Final Answer :
True
Explanation :
The bank reconciliation process helps ensure that all transactions are properly recorded in the company's accounting system and can identify any discrepancies or errors that may have occurred. This is an important part of the system of internal controls.
Learning Objectives
- Understand the significance and function of internal controls in managing cash.