What is reconciliation, and what are its types?

Question

Accepted Answer

Reconciliation is the process of comparing two sets of records to ensure their accuracy and consistency.

Reconciliation involves comparing financial or transactional data to identify discrepancies.
Types of reconciliation include bank reconciliation, inventory reconciliation, and account reconciliation.
Bank reconciliation involves comparing bank statements with internal records to ensure all transactions are accounted for.
Inventory reconciliation involves comparing physical inventory counts with recorded inventory to identify discrepancies.
Account reconciliation involves comparing financial statements with supporting documentation to ensure accuracy.
Other types of reconciliation include intercompany reconciliation, vendor reconciliation, and customer reconciliation.

Accepted Answer

Reconciliation means by difference between bank account to company maintain's cash account. There are two types cash book and pass book

Accepted Answer

Bank reconciliation involves comparing bank statements with internal records to ensure all transactions are accounted for.

Accepted Answer

Reconciliation means by difference between bank account to company maintain's cash account. There are two types cash book and pass book

Accepted Answer

Reconciliation menas that balance of both customer and vendor should be zero or equal if there is any variation then we should find out the reason for the same and close it

What is reconciliation, and what are its types?

Accenture Operations Analyst interview questions & answers

Popular interview questions of Operations Analyst