Question: Which statement is incorrect? If the bank makes changes to the company's account, the company will have to record transactions in the general ledger accounts
Which statement is incorrect?
| If the bank makes changes to the company's account, the company will have to record transactions in the general ledger accounts to reflect these changes. | |
| Bank reconciliation is an activity to ensure that differences are not a result of errors, either by the bank or the company or by theft of funds. | |
| Bank reconciliation is used to determine the correct balance in all general ledger accounts. | |
| Bank reconciliation is a procedure used to determine the correct cash balance in an account by reconciling the activity recorded in the account with the activity recorded on the bank statement. |
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