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QUESTION
Over the years bank reconciliation has become less of a personal priority.
I need help understanding these concepts:
- Over the years bank reconciliation has become less of a personal priority. Please explain changes which have occurred which have lead to less reconciliation and more reliability on the information available from your financial institution.
- As a result of the bank reconciliation, where does one determine the adjustments that must be journalized in the accounting records?
- In reviewing a bank statement, if you notice a deposit listed for $400 that you did not make and it has been credited in error to your account, would a person have an ethical or legal obligation to inform the bank of the error. Which action do would be best to take?
