Why do we worry about deposits in transit and outstanding checks? Won't they "work themselves out" the following month? Tips: -Define Internal control - Define Bank reconciliation - How do we prepare Bank Reconciliation? - and why? (It helps t identify errors or duplications; also it helps to identify potential fraudulent) -The impact on financial statements (inflated/deflated) if cash reported as the company's records. Remember: Bank balance will differ from a company's balance due to transaction(s) recorded on the company's books, but not on the bank's records or vice versa.

Canvas owe to get Tips: -Define Internal contrd - Define Bank reconciliation - How do we prepare Bank Reconcilotion? - and why? (it helps tidentify errors or dupfications; also it helps to identify potential fraudulent] -The impact on financlal statements finfated/deflated if cashi reported as the companrs records. Akemember Dank balance will differ from a compamys batance due to transaction(s) recorded on the companvs books, but not on the buviks records or vice vena