Accounting : Apa Bank Reconciliation 1

Running head: Bank Reconciliation and Leasing or Buying Of Assets1Bank Reconciliation and Leasing or Buying Of Assets[Name of Student][Name of Affiliate Institution]Bank Reconciliation and Leasing or Buying Of Assets2Q6 Bank reconciliationBank reconciliation is a vital internal control tool. It assists in identifying the causesof variance between the bank statement and the cash received in the company at a particular time.Ideally, the cash and bank balances should be at par. When appropriately used, the bankreconciliation helps in the detection of fraud in the company. Any payments made to illegal orunauthorized clientele can be viewed from the entries made (Chapter 8). Bank reconciliation couldalso assist in taming overdrafts. The considerable variations in the cash outflows could lead toconfusion and wrong entries. Additionally, bank reconciliation could be used to identify bankerrors. In many instances, the bank clerks make mistakes. The internal bank reconciliation recordscould be used to pinpoint the errors. The bank reconciliation also helps in increasing collectionssince the underpaid accounts are easily detected.The same person who receives the cash sh ...


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