Answer:
True
Step-by-step explanation:
A bank reconciliation is the process of matching the balances in a firm's cash book to the corresponding information on a bank statement. This is done at regular intervals periodically.
The objective of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.
The differences are mainly due to interest debit or credits by banks not recorded in cash book, cheques deposited but not cleared, cheques issued but not presented, etc
Hence the given statement is true
