BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The primary purpose of a bank reconciliation is to detect and correct errors made by the bank in its records.

To determine

Identify whether the given statement is true or false.

Answer

False statement

Explanation

Bank reconciliation:

Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

The main purpose of the bank reconciliation statement is to bring the book balance and bank balance into agreement.

Therefore, the given statement “The primary purpose of bank reconciliation is to detect and correct errors made by the bank in its records” is false.

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is a logical DFD?

Accounting Information Systems

What is the role of accounting in business?

Corporate Financial Accounting

Why should policymakers think about incentives?

Principles of Microeconomics (MindTap Course List)

Under what conditions does product modification work best?

Foundations of Business (MindTap Course List)

What is Software-as-a-Service (SaaS)?

Accounting Information Systems

PRICE AND YIELD An 8% semiannual coupon bond matures in 5 years. The bond has a face value of 1,000 and a curre...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Find all the answers to your study problems with bartleby.
Textbook solutions plus Q&A. Get As ASAP arrow_forward