An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online
Question:
a. Describe how a bank reconciliation and an online review (or reading) of the bank statement are not equivalent.
b. Identify and explain at least two frauds or errors that would be uncovered through bank reconciliation and that would not be uncovered through an online review of the bank statement.
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a A bank reconciliation is a formal review process that requires the person to precisely identify all transactions and events and their amounts that c...View the full answer
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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