The Usual Form for a Bank Reconciliation Begins with the Ending

question 38

True/False

The usual form for a bank reconciliation begins with the ending cash balance shown on the bank statement and reconciles it to the ending cash balance on the company's books.

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Definitions:

Principal

In business contexts, refers to the amount of money loaned or invested, excluding interest or profit. In legal contracts, it can refer to the main parties involved in an agreement.

Agent

An Agent is an individual or entity authorized to act on behalf of another, known as the principal, in dealings with third parties.

Void

Legal term indicating that an agreement or contract has no legal force and is unenforceable as if it were never made.

Identity

The condition or character as to who a person or what a thing is; the qualities, beliefs, etc., that distinguish or identify a person or thing.