WAEC Accounting 2017 Theory — Question 5

Question 5 of 15 from the West African Examinations Council (WAEC) Accounting 2017 Theory paper, with the correct answer and a full explanation.

2(b) State three reasons for preparing a bank reconciliation statement.

Model answer

Reasons for preparing bank reconciliation statement: (i) To reconcile the cash book and bank statement differences (ii) To investigate the cause of cashbook and banks statement differences (iii) It serves as check on the cashier and banks.

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