It Is Generally Not Necessary for Businesses to Reconcile Their

question 123

True/False

It is generally not necessary for businesses to reconcile their checking accounts since banks keep accurate records and provide internal control support for cash.

Classify accounts by their normal balances and activity (debit or credit) during recording business transactions.

Understand and correctly apply the concept of journalizing financial transactions.

Analyze and correct errors in journal entries.

Understand the effect of financial transactions on the accounting equation.