1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

#SPJ4

You might be interested in
As a result of a thorough physical inventory, Railway Company determined that it had inventory worth $180,000 at December 31. Th
fgiga [73]

Answer:

The answer is: $215,000

Explanation:

Railway Company should include the goods worth $35,000 that Rogers Consignment store has. Once this amount is included, the total inventory for Railway Company should be $215,000 ($180,000 + $35,000).

Merchandise purchased and shipped as FOB destination, belongs to the seller until it has been properly delivered to the buyer. It will increase the inventory once it arrives on January 3.

7 0
3 years ago
NewKirk Inc.., is an unlevered firm with expected annual earnings before taxes of $21 million in perpetuity. The current require
IrinaVladis [17]

Answer:

$11,895,000

Explanation:

Expected annual earnings before tax = $21,000,000

Debt issue = $30,000,000

Interest rate = 9%

Annual Interest expenses = $30,000,000 × 9%

= $2,700,000

EBT = EBIT - Interest expenses

= $21,000,000 - $2,700,000

= $18,300,000

Net income = $18,300,000 × (1 - 35%)

= $11,895,000

Cash flows available to equity holders after recapitalization will be $11,895,000.

8 0
3 years ago
Which of the following is not considered a debit
dem82 [27]

The answer is <u>"A. Interest earning".</u>


A debit is an accounting entry that outcomes in either an expansion in resources or a decline in liabilities on an organization's accounting report. In basic accounting, debits are adjusted by credits, which work the correct inverse way. For example, if a firm applies for a new line of credit to buy gear, it would debit settled resources and credit a liabilities account, contingent upon the idea of the loan.  


8 0
3 years ago
Read 2 more answers
If a researcher asks a consumer why s/he wants to buy a Nokia cell phone, and learns, "They look well built" (attribute); then a
ra1l [238]

Answer:

D. laddering

Explanation:

6 0
3 years ago
Tony’s business has been struggling for a while his marketing strategy has not worked with the consumers his business has reache
Kisachek [45]

Answer:

selling

Explanation:

7 0
3 years ago
Other questions:
  • On October 1, Year 1, Jason Company paid $7,200 to lease office space for one year beginning immediately. What is the amount of
    5·1 answer
  • How does increasing the slope of land affect soil formation?
    7·1 answer
  • Which of the following statements is true regarding the cumulative translation adjustment? Select one: Changes in the cumulative
    9·1 answer
  • Suppose that Dr. Reilly owns a medical clinic and enters into a contract to buy some tablets of Gensol from Pharzime. Since Dr.
    10·1 answer
  • Which of the following is the most direct and professional revision of the second sentence? The new conference system would allo
    10·1 answer
  • On January 1, Bargain Company's Valuation Allowance for Trading Investments account had a debit balance of $18,500. On December
    7·1 answer
  • Suppose the economy is self-regulating, the price level is 132, the quantity demanded of Real GDP is $4 trillion, the quantity s
    15·1 answer
  • Toyota's global success in the 1990s and early 2000s was based to a large extent on a network of world-class suppliers in Japan.
    6·1 answer
  • Advantages of price mechanism
    7·1 answer
  • Which transaction caused John to overdraw his account?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!