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Question: What is reconciliation?

Answer: You should have recorded in your cash books all amounts you?ve actually received and payments you?ve actually made. However, the cash books may be incomplete as your bank may have put extra transactions through your account, such as:

bank fees or interest charges
direct debits (payments) and direct credits (receipts).
Doing a regular bank reconciliation will allow you to:

take into account any extra transactions your bank puts through your account, and
check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.



Category Accounts Receivables Interview Questions & Answers - Exam Mode / Learning Mode
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Question: What is reconciliation?


Answer:

You should have recorded in your cash books all amounts you?ve actually received and payments you?ve actually made. However, the cash books may be incomplete as your bank may have put extra transactions through your account, such as:

bank fees or interest charges
direct debits (payments) and direct credits (receipts).
Doing a regular bank reconciliation will allow you to:

take into account any extra transactions your bank puts through your account, and
check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.
Source: CoolInterview.com


reconciliation- This is a statement prepared to find the reason for difference in any two balance.
eg 1)bank reconciliation is prepared to find the reason of difference between the passbook & cash book balance
2)Stock reconciliation is prepared to the reason of difference between the physical balance & book balance or to find the stock balance as on certain date.
etc Source: CoolInterview.com

Answered by: Abhisek Chatterjee | Date: 5/27/2008 | Contact Abhisek Chatterjee Contact Abhisek Chatterjee

Reconcillation is not thing but matching two balances.
B.R is matching the Companies bank account with the bank passbook. Source: CoolInterview.com

Answered by: Milind | Date: 3/16/2009 | Contact Milind Contact Milind

the difference in two books can be regarded as reconcillation Source: CoolInterview.com

Answered by: ravindra | Date: 3/23/2009 | Contact ravindra Contact ravindra

Reconciliation is a statement where we reconcile the balances of the pass book and cash book.
It is an identification of errors and not the rectification of errors. Source: CoolInterview.com

Answered by: SANTOSH KUMAR | Date: 4/6/2009 | Contact SANTOSH KUMAR Contact SANTOSH KUMAR

this is a statement prepared to find the reason for difference in any two balance. Source: CoolInterview.com

Answered by: neelmani | Date: 5/19/2009 | Contact neelmani Contact neelmani

In General Reconciliation means, matching the entries by comparing two differenct accounting records.

In the area of Accounts, we have a major Reconciliation known as Bank Reconciliation, known as BRS.

BRS is prepared in order to ensure the accuracy of entries in the Books of the Company under Cash/Bank account, as reflected in the General Leger, in line with the Balance as per Bank Statement.

The preparation of BRS is warranted, when there is a disparity between Book Balance and Bank Statement.

Post Reconciliation, the missing entries are indentified by comparing Bank Stmt and General Leger (Bank Book-Subsidiary Ledger) and BRS is drawn out, summarsing the gaps and Entries are passed consequently, to tie up the Balance. Source: CoolInterview.com

Answered by: V.K. Renganarayanan | Date: 6/19/2009 | Contact V.K. Renganarayanan Contact V.K. Renganarayanan

A statment prepared to tally the bank balance as per cash book with the items of diffrnce between the two accounts .
Causes of diffrences
1.timing of recording
2.error made by entity Source: CoolInterview.com

Answered by: Anurag Kumar Swami | Date: 10/12/2009 | Contact Anurag Kumar Swami Contact Anurag Kumar Swami

reconciliation is compare difference b/w bank statement and company statement to find the mistake or and other falt Source: CoolInterview.com

Answered by: Panchami H.R | Date: 10/27/2009 | Contact Panchami H.R Contact Panchami H.R

ceconcilliation states finding the reason between the two different statement showing the different balance for the same account. Source: CoolInterview.com

Answered by: dev | Date: 11/12/2009 | Contact dev Contact dev

Reconciliation means Bank Reconciliation Statement,This is a statement prepared to find the reason for difference in any two balance.
1.Pass Book
2. Cash Book
mostly this statement prepared at the month ending or else month be beginning Source: CoolInterview.com

Answered by: Neena | Date: 12/16/2009 | Contact Neena Contact Neena

reconcillation is finding The Reason For Differences between two accounts on a specific common date Source: CoolInterview.com

Answered by: samir | Date: 12/23/2009 | Contact samir Contact samir

Reconcillation is nothing but the reasons due to which there differences in Balance of Two accounts on specific Date Source: CoolInterview.com

Answered by: samir | Date: 12/23/2009 | Contact samir Contact samir

Reconciliation is a statement where we reconcile the balances of the pass book and cash book.
It is an identification of errors and not the rectification of errors Source: CoolInterview.com

Answered by: savita kamble | Date: 12/31/2009 | Contact savita kamble Contact savita kamble

A/c reconcilation means find difference between our books closing balance with another a/c statement. E.G. Bank passbook with our cashbook.Our debtors' ledger with customer's a/c statement Source: CoolInterview.com

Answered by: Anant kshirsagar | Date: 1/18/2010 | Contact Anant kshirsagar Contact Anant kshirsagar

Reconciliation is nothing but to find out the difference between Two Books called Bank Pass book & Company Cash Book Source: CoolInterview.com

Answered by: Hemanth Kumar K.S | Date: 2/26/2010 | Contact Hemanth Kumar K.S Contact Hemanth Kumar K.S

Reconcialiation : difference between the passbook as well as bank balalnce called reconcialiation Source: CoolInterview.com

Answered by: manjunath | Date: 5/10/2010 | Contact manjunath Contact manjunath

Reconcialiation is nothing but comparing with cash book and pass book. Source: CoolInterview.com

Answered by: S.SUMATHI | Date: 6/22/2010 | Contact S.SUMATHI Contact S.SUMATHI


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