Business, 05.09.2019 23:20 artsycentury

Abank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. true false

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Answer from: jacquicmoreland2106

The correct answer is True.

Explanation:

The bank reconciliation is a process that allows you to compare and reconcile the values that the company has registered, from a savings or checking account, with the values that the bank supplies through the bank statement.

The companies have an auxiliary bank book in which they register each one of the movements made in a bank account, such as the draft of checks, consignments, debit notes, credit notes, cancellation of checks and consignments, etc.

The financial institution where the respective account is located does its own keeping a complete record of each movement that the client (the company) makes in his account.

Monthly, the bank sends the company an extract showing all those movements that conclude in an account balance on the last day of the respective month.

In general, the balance of the bank statement never coincides with the balance that the company has in its auxiliary books, so it is necessary to identify the differences and the reasons why these values do not coincide.

The verification and confrontation process is what we know as bank reconciliation, a process that consists of reviewing and confronting each one of the movements registered in the auxiliaries, with the values contained in the bank statement to determine what is the cause of the difference.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

anjan should should report alteast 5000 on the first apyment and 10,000 each year

explanation:

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Abank reconciliation explains any differences between the balance of a checking account on the depos...

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