JAMB Accounting 2020 Objective — Question 8
Question 8 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.
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8. The difference between a bank statement and bank reconciliation statement is?
- A. A. No difference
- B. B. Bank statement is not an account
- C. C. Bank reconciliation statement is not an accountCorrect
- D. D. Bank statement is an account
Explanation
A bank statement is a periodic document sent by banks to customers while a bank reconciliation statement is the account used to reconcile the discrepancy between a bank statement and the cash book.
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