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RUDIKE [14]
2 years ago
10

What does reconciling an account mean?

Business
1 answer:
Gala2k [10]2 years 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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You might be interested in
35. A listing contract that spells out terms and conditions for the seller and broker is what type of agreement?
goldfiish [28.3K]

A listing contract that spells out terms and conditions for the seller and broker is a Written or Expressed agency agreement.

Express agency is an agreement that is signed in writing and is made between the principal and the agent. The contracts give the agent authority granted by the principal through an agency agreement.

An Express agency is a real agency established by a verbal or written agreement between the agent and the principal. The Principal hereby appoints the Agent hereunder to act as the Principal's agent. An express agency, for instance, is a documented listing agreement between a broker and a real estate seller. An agency agreement outlines the conditions of the agency, including what the agent is allowed to do and how much is paid for the agent's services. The agreement also grants the agent the power that the principal specifies, such as the only able to act in her place.

To know more about agency agreement refer to:  brainly.com/question/14093696

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8 0
2 years ago
The job order cost sheets used by Greene Company revealed the following: Job. No. Bal., May 1 May Production Costs 134 $ 1,700 $
tekilochka [14]

Answer:

A. 3200 ; 900

Explanation:

First, the multiple Choices for the question

A. 3200 ; 900

B. 2900 ; 1200

C. 1200 ; 2900

D. 1700 ; 1200

E. 4100 ; 0

SOLUTION

This is a job order costing question and  Job order costing represents a cost accounting method where for each job, the cost is accumulated such that the cost for the job, work order and the project are separately accumulated.

1) The question is to determine the Cost of Goods sold for May

The formula = Cost of Job 134 + Cost of Job 135

= The cost of Job 134 = $1,700

The cost of Job 135 = Balance Ma y 1 + May Production Costs = $1,200 + $300

= $1500

= $1,700 + $1,500 = $3,200 - Cost of Goods sold for May

2) The WIP Inventory cost on 31st May

This is simply asking for the cost of Job 136, this is because Jobs 134 and 135 were completed during the month and Shipped to the Customer that same month

Hence the Work in Progress Inventory Cost on 31st May = $900

6 0
4 years ago
During the second and third trimesters, the caloric needs of a pregnant woman increase by _____ kilocalories per day. 100-200 35
siniylev [52]
Assuming that you are perfectly healthy, such that you are in the appropriate age to be pregnant and you have a normal body weight, your calorie intake should increase by 350-450 calories per day. To be sure, you should consult your doctor.
3 0
3 years ago
What is the definition of business
tester [92]

Answer:

See below

Explanation:

Business refers to the practice of producing or purchasing goods and services for sale to make a profit. It is the act of engaging in commercial activities of buying and selling products and services for profits.

Business entails individuals and companies' activities of supplying desired products and services to customers with profit motives. A businessperson identifies a need in the community. He or she sells to the community goods or services that satisfy that need a higher price to make a profit.

7 0
3 years ago
Smith Company makes and sells a single product called a Pod. Each Pod requires 1.4 hours of labor at a labor rate of $9.60 per h
Ganezh [65]

Answer:

Total direct labor costs= $295,680

Explanation:

Giving the following information:

Each Pod requires 1.4 hours of labor at a labor rate of $9.60 per hour.

Production= 22,000 Pods.

<u>First, we need to calculate the total direct labor hours required:</u>

Total direct labor hours= 22,000*1.4= 30,800 hours

<u>Now, the total direct labor costs:</u>

Total direct labor costs= 30,800*9.6

Total direct labor costs= $295,680

3 0
3 years ago
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