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Reconciliation in Accounting: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Why is the reconciliation process required in accounting?

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1. Which of these is a benefit to the company for doing the reconciliation process?

2. In reconciliation, the process of comparing source documents to account balances in the general ledger is called _____.

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About This Quiz & Worksheet

Account reconciliation will be the focus of these study assessments. For the multiple-choice quiz, you'll be responsible for key subjects like the reason for the reconciliation process in accounting and an advantage of a company who uses the reconciliation process.

Quiz & Worksheet Goals

The quiz will test your understanding of the following:

  • Process of comparing source documents to account balances in a general ledger
  • Disagreement between bank and financial statements
  • Procedure to correct found invoices that don't appear in company records

Skills Practiced

  • Reading comprehension - make sure you know the most important information from the lesson on account reconciliation, including a benefit of a company using the reconciliation process
  • Information recall - access the knowledge you've gained regarding the process of comparing source documents to account balances
  • Knowledge application - use your knowledge to answer questions about the purpose of the reconciliation process in accounting and a certain procedure to correct discovered invoices that weren't on company records

Additional Learning

For more on account reconciliation, you can review the matching lesson called Reconciliation in Accounting: Definition & Examples. These key areas will be studied:

  • Reconciliation of debts and credits
  • Process for reconciling cash accounts
  • Reconciling inventory, accounts payable and accounts receivable
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