Answer:
False.
Explanation:
Financial reporting can be defined as the formal communication or disclosure of financial informations and statements to a bank account holder.
A statement of account can be defined as a document issued by a financial institution to an account holder, which typically contains an accounting information of all the transactions between him or her and others over a specific period of time.
The primary objective of a statement of account is to provide accounting information, so as to enable the holder have a good understanding of the financial inclination of his or her cash inflow and outflow over a specific period of time and thus, make an informed decision with regards to a budget plan.
Hence, if there's a mistake on a bank account statement, financial institutions are saddled with the responsibility of correcting such errors because they issue it.
In a nutshell, financial institutions are mandated to help you when there's a mistake on your bank account statement.
