I believe the lowest tier is District Court.
'After a bank reconciliation is completed, journal entries are prepared for items in the balance per the company's records as well as items in the balance per bank statement.
This statement is False.
In accounting, bank reconciliation is the process of reconciling the bank account balances on a company's books with the balances reported by financial institutions in their most recent bank statements. You should check the difference between the two numbers and correct if necessary.
Bank reconciliation is the process of reconciling cash book data with corresponding data on bank statements. This is an important process for the CFO's office and ensures the accuracy of the accounting records.
Bank reconciliation is an important internal control tool and is necessary to prevent and detect fraud. It also helps identify accounting and banking errors by explaining the difference between cash balances on accounting records and bank balances on bank statements.
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Answer: The correct answer is d. Single endorsement of checks
Explanation: To achieve independent checks employees can be transfered, made to go on mandatory vacation or periodical audit done.
However, single endorsement of checks creates room for fraud as the employee will be at liberty to access the companies fund without checks and balances.
