Parental Guidance on Need and Importance of the Bank Reconciliation Statements Homework Answers

Get Quick and Accurate Online Homework Help from Qualified Tutors.

trustpilot ratings

4.2 out of 5

My Homework Help

4.7 out of 5

sitejabber ratings

4.8 out of 5

  • NHonest Pricing
  • NBetter Grades
  • NMoney-back Guarantee

Get Homework Help From ExpertsFREE QUOTE

Please enter the details of your homework.
Get a response in under 15 min
Rate this post

Before moving on to parental guidance on the need and importance of the bank reconciliation statements homework answers one has to have knowledge on the very topic that is bank reconciliation statements.
What is bank reconciliation statement?
The bank reconciliation statement is a statement that summarizes the activities that have been carried out between the bank and an organization according to the records of the two, that is, both the bank and the organization.
The records concerned is the financial records of the two party which includes any kind of financial activities like the withdrawal of cash, or cash deposits as well as other activities that have an effect on the bank account.
These activities are checked for a certain fixed interval of time. That is, in another word, bank reconciliation occurs at a fixed interval of time period depending on the organization.
What is the purpose of bank reconciliation statements?

  • The bank reconciliation statement is used as a weapon to prevent any kind of financial fraud that the organization may come across.
  • The bank reconciliation statements make sure that all the monetary payments have been done as well as the cash that has been collected has been deposited in the bank account.
  • Bank reconciliation statement tallies the record in the accounts book and the bank statements and points out the certain differences that may arise due to several reasons.
  • It helps in adjusting the differences between the two books and as therefore making the two accounts clear off any differences.

What is the information needed to create bank reconciliation statements?
In order to create bank reconciliation statements, several records are needed. These include the bank statement of the current month as well as the bank statement of the month before that. The closing balance of the accounts is also required in order to create the bank reconciliation statement.
The transactions of the day of creation of the bank reconciliation statements are not taken into account while creating the statement. Those are considered in the next statement. So what the accountant does is consider all the transactions that have taken place until the previous day of the creation of the bank reconciliation statement that is, on the statement date.
How is it actually done?
What the accountant does in order to reconcile is just adjust the closing balances of the bank statements. Sometimes it may occur that the transaction is still under process as a result of which the recipient still has not received the cash. Thus a difference in both the statement may occur.
Sometimes some cash may be transferred to the bank but the bank may not have received it, and thus this transaction may not show up in the bank’s respective statements. Since transaction is a matter of time, therefore error may occur if both the statement of the bank and the organization are tallied with each other.
Sometimes differences may occur between the two records because interest earned by the organization may not be calculated in its accounts book. This leads to a mismatch as a certain amount of interest is deposited by the bank to the recipient’s account.
Often during bank reconciliation, the fees that are collected by the bank automatically may not be recorded by the organization as they are unaware of this change in balance most of the time. This again creates a mismatch between the two.
Need and importance of the bank reconciliation statements homework answers
Since bank reconciliation is a very important topic in the field of accounts, students need to have knowledge about the meaning and purpose of bank reconciliation statements. Parents must understand that missing out on a topic like this will hamper their child’s academic.
Bank reconciliation is a subject that should be understood by everyone in order to fetch good grades in exams. The need and importance of the bank reconciliation statements homework answers should be taken into account while mastering the fields of finance. Here I am going to explain a simple way of getting bank reconciliation homework answers.
Understand importance of the bank reconciliation statements homework answers:
Parents or students can opt for online services to get need and importance of the bank reconciliation statements homework answers. Online services save a lot of time as well as money. Since a student or his or her parents may not be willing to pay a lot of money on their child’s homework, that is why this kind of online services charge very little.
Parents often remain busy with their work or business and are unable to give sufficient time to their children. As a result of this, the students often find it difficult to cope with the academic pressure. This is visible through their homework performance as well as scores obtained in the tests. For this, online service is the best option.
The solutions are all provided by experts. So the client may rest assured that they are absolutely correct and unique solution and not copied that is free from plagiarism. The solutions are written in easy language so that the client who is mostly of the student category may have some idea about the need and importance of the bank reconciliation statements homework answers.
In this way, students not only get to complete their homework assignments but also learn about the topic of bank reconciliation. This results in better understanding of the topic and hence much better grades. Students may have several queries on the topic, and they are free to ask any available expert online.
Online individual interaction boosts the student’s knowledge, clears any kind of doubt that he or she may have gathered while going through the solutions and as a result, they get to understand the need and importance of the bank reconciliation statements homework answers.
Hence parents are advised to sign their children up for some online service as this not only gets their homework assignments done but also helps them gain knowledge about the topic as well.

You May Also Like

Benefits of Online Homework Help

subjects covered

70+ Subjects

Our team of professional academic writers are experts in their fields and are well-equipped to handle any complex subject. You can always count on one of our specialists to assist you.
short deadline

Short Deadlines

We understand the importance of meeting deadlines and we pride ourselves on being able to deliver tasks quickly. No matter how tight the deadline, we will complete your homework on time.
chat with expert

Chat with Expert

Stay in touch with your expert by utilizing our secure chatboard for all your queries and concerns. You can easily check progress and make sure your work is on the right track.
free revisions

Free Revisions

We strive to ensure complete customer satisfaction. We offer free revisions to make sure our clients are happy with the final product. Your satisfaction is our top priority.

Reviews from Customers

4.5
Rated 4.5 out of 5
4.5 out of 5 stars (based on 457 reviews)
Excellent57%
Very good35%
Average8%
Poor0%
Terrible0%

Frequently Asked Questions

C
E

How do I submit my assignment?

Getting assignment help is very simple with us. Students can either send us the homework via email or they can upload it to our online form here. For a quicker response, You can also chat with us at WhatsApp and submit homework directly. You are sure to get a response from our side within 10 minutes. You can pay for your order using secure PayPal or major credit card gateways.

C
E

Who will do my homework?

All our tutor experts are highly qualified professionals – holding at least Master’s degree in their fields. Currently, our tutor pool is made of 400 subject-specific experts.

Each expert has been individually chosen after a series of rigorous screen tests, which involves credential checks, work history analysis, writing sample assessment, and one-on-one interviews.

C
E

How much will my homework cost?

Each assignment is quoted a unique price. It is based on (i) complexity of task, (ii) your deadline and (iii) tutor’s estimate of the time it will take them to complete your homework. There are no obligations, and you are free to discuss the price quote with the tutor.

We also accept partial payment to start working on your assignment help. You can pay the remaining amount when your task gets completed. No pressure of up-front payment. No hidden order costs. We do not have a monthly fees or minimum payments for services.

C
E

Can I pay someone to help me with my homework?

Yes, you can pay online tutors for homework help. There is nothing wrong with asking for help from trained and professional subject tutors to clarify doubts regarding any assignment or coursework.

C
E

What mode of payment is acceptable?

There are several ways to pay for homework help:

  • Credit/Debit Card: You can use your credit or debit card to make a payment online. We accept VISA/MASTERCARD/AMEX.
  • PayPal is a secure online payment service that allows you to pay for essay writing services using your account balance or linked bank account.

C
E

Can I chat with my tutor?

Using our secure chat board, you can now chat directly with your assigned tutor. The chats are encrypted both ways to secure your privacy. This makes your contact with the tutor directly & confidentially, so you can better explain any requirements or changes if needed or just need updates.

You can't contact the experts outside of chat board platform. Sharing any personal information, including but not limited to contact information, goes against our Terms and Conditions and therefore may result in permanently blocking you from the platform. We take any personal data very seriously and we do it for the safety of our users.

Know more about chat board here.

C
E

Can I get free online homework help?

Our homework services are not free because we provide customized, high-quality homework solutions. We have a prepaid system that ensures professional homework helpers are paid fairly for their work and time. We believe that the value of their expertise and the effort they put into crafting each assignment justifies the cost of our service.
C
E

Is My Homework Help Legit?

My Homework help is absolutely legit! We are the leading providers of college homework services since 2012. We connect you with experienced tutors for your assignment and make sure you get completed answers before deadline. Our guarantee is high-quality assignment solutions or your money-back. It’s that risk-free! Furthermore, everything about you is kept confidential.

C
E

Can I trust you?

My Homework Help is absolutely reliable. Students of the world's top universities use our services and 50% of our customers are repeat customers. Our ordering process is very simple & transparent. There are no hidden fees or subscription anything like that. You can also request a refund if you think that our expert wasn’t able to meet your requirements. Your prime satisfaction is our end goal!

Know more - How it works

C
E

What about privacy & confidentiality?

Using My Homework Help is absolutely safe. We care about your security, therefore we encrypt all personal data to make every user feel safe while using our services and we don’t share any personal information with any third parties without your permission. Your credit card information is not stored anywhere at My Homework Help, and use of PayPal relies on their secure payment networks. Your identity, payment and homework are in safe hands. You can always be certain of getting professional help and remaining anonymous, while using My Homework Help.