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Which statement about reconciling banking records is false?

Sagot :

GinnyAnsweridn

Final answer:

In accounting, balance is crucial, and discrepancies signal issues needing investigation.


Explanation:

One of accounting's central concepts is that the fundamental equation must always balance, known as double-entry bookkeeping. Any discrepancy like Glutcorp recording -1,000,000 but Slushco recording +920,000 indicates a problem and is a red flag for investigation. The financial account balance is derived from summing the credit and debit entries, which should equal zero in balanced accounting.


Learn more about Accounting balance reconciliation here:

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