Evaluate the effectiveness and state the shortcomings of the preparation of a bank reconciliation by the accountant in the manner described in the following statement: “When I reconcile the bank account, the first thing I do is to sort the cheques in numerical order and find which numbers are missing. Next I determine the amount of the un cleared cheques by referring to the cash disbursements journal. If the bank account reconciles at that point, I am all finished with the reconciliation. If it does not, I search for deposits in transit, cheques from the beginning of the outstanding cheque list that still have not cleared, other reconciling items, and bank errors until it reconciles. In most instances, I can do the reconciliation in 20 minutes.”