Question

When Seb reconciles his accounts, what is the first step he should take? Compare his records and his statement. Examine his statement to check for errors. Confirm his records are accurate and include all transactions. Check receipts to make sure all transaction amounts are correct.

Answer 1

Answer:

Among the options given below, the correct answer is option A.

Compare his records and his statement.

Explanation:Bank accounts reconciliation is the process in which the balance of an entity's bank records for a cash account is matched with the  corresponding information on a  bank statement. To certain the differences between the two, and to book changes to the accounting records as appropriate is the goal of the process.

According to the question ,if Seb wants to reconciles his accounts he need to compare his records and his statement.

Because it is required to perform a proper bank accounts reconciliation to compare the bank account statement with the general ledger cash bank account. He needs to check all the items. Because this part of reconciliation ensures the clarification of all items recorded in the general ledger has cleared the entity's bank account.