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RUDIKE [14]
1 year ago
10

What does reconciling an account mean?

Business
1 answer:
Gala2k [10]1 year ago
8 0

Reconciliation is the accounting process of comparing two data sets to ensure that the numbers are correct and consistent.

Reconciling bank statements simply means comparing your internal financial records with those provided by your bank. This process is critical to being able to identify anomalous transactions caused by fraud or accounting errors.

All businesses are required to reconcile their banks at least once a month. It is convenient to reconcile the books immediately after the end of the month, as at the end of the month your bank will send you a monthly statement that you can use as the basis for your reconciliation. Balance sheet reconciliation is the process of closing the balances of all individual companies.

Learn more about Reconciliation here:- brainly.com/question/15525383

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Mcgraw hill education physical science vocabulary list 8th grade
Pani-rosa [81]
Um.. is that a question or just telling us?...
3 0
3 years ago
A decrease in the inventory account during the year should be reported on the indirect method statement of cash flows as?
mylen [45]

A decrease in the inventory account during the year should be reported on the statement of cash flows as in financing activities as a use of funds.

What is in a cash flow statement?

On the cash flow statement, the entire amount of cash and cash equivalents that enter and exit a business are displayed. The CFS focuses on a company's ability to manage its cash, particularly how successfully it produces cash flow. The income statement and balance sheet both receive information from this financial statement.

What is financing activities in cash flow statement?

The cash flow statement's financing activity describes a company's capacity to raise capital and return it to investors via capital markets. The issuance and sale of additional shares of stock, as well as the growth, addition, and modification of existing debt, are also included in these acts. This list also includes dividend payments made in cash.

Learn more about cash flow statement: brainly.com/question/15278261

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6 0
2 years ago
A customer at the checkout complains that they can't find the brand of shampoo that they came in for. When you check for them, y
olga_2 [115]

Here are the options:

A. Check the receiving room for the product to be in the shelves.

B. Let them no the truck comes in on Tuesday.

C. Tell the Customer to check back again later.

D. Show the Customer the other brands of Shampoo that's available on the shelf

Answer:

<u>D. Show the Customer the other brands of Shampoo that's available on the shelf.</u>

Explanation:

This is the option because it provides an opportunity to still make a sale. Remember, the customer only complained of not seeing a particular brand

It therefore, means that if shown other brands of Shampoo that's available on the shelf they may opt-in to buy them.

4 0
3 years ago
Phoenix Automated Retail Services specializes in DVD rentals via automated retail kiosks. If consumers want a particular DVD, th
pshichka [43]

Answer: Contact efficiency.

Explanation:

Phoenix automated retail provides contact efficiency for their customers as they help reduce the stages the consumers pass through before they can hire their products. Contact efficiency is a method of eliminating unnecessary stages in the supply chain between the consumer and the product they seek to purchase.

6 0
3 years ago
Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, its taxes payable account balance is $7
aleksandr82 [10.1K]

Answer:

$2,000

Explanation:

The computation of the amount pay to the tax authorities during the year is shown below;

Let us assume the accrued payment be $6,000

Let us assume the amount pay to the tax authorities be X

Beginning Taxes payable account balance + Accrued payment - X = Ending taxes payable account balance

$3,000 + $6,000 - X = $7,000

$9,000 - X = $7,000

So, the X is

= $9,000 - $7,000

= $2,000

hence, the amount pay to the tax authorities is $2,000

4 0
3 years ago
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