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Bank reconciliation as an internal control tool

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Describe how the bank reconciliation can be used as an internal control tool for cash. Also, should the same person that receives cash payments prepare the bank reconciliation? Give at least one reason to support your answer.

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Bank reconciliation can be used an internal control tool for cash. The comparison of bank's transactions with bank book's transactions will help spot cash that has been taken out for deposit but has not been deposited. Further, bank reconciliation will also ...

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This posting gives you a step-by-step explanation of bank reconciliation as an internal control tool for cash. The response includes a reference.

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