Bank reconciliation and what is process of profit and loss account

Question

Accepted Answer

Bank reconciliation ensures accuracy of bank transactions. Profit and loss account shows financial performance of a company.

Bank reconciliation matches the bank statement with the company's records to identify any discrepancies.
It helps to ensure the accuracy of bank transactions and prevent fraud.
Profit and loss account shows the financial performance of a company over a period of time.
It includes all the revenues and expenses of the company and calculates the net profit or loss.
It helps to evaluate the financial health of the company and make informed decisions.

Accepted Answer

Bank Reconciliation Statement, BRS whose full name is Bank Reconciliation Statement, which can be used to check whether the money has actually been transacted through the passbook, i.e. the day the bank transaction has taken place but actually in the account When its amount transaction took place, its report is prepared through Bank Reconciliation Statement.

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Bank reconciliation and what is process of profit and loss account

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