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We are constantly reminded to reconcile our personal bank accounts, yet very few people do this on a monthly basis (especially since it is so easy to check the balance and transactions in your account online). We can only surmise that businesses may also be ignoring this task.

When it comes to discovering fraud, do you think it is important to prepare monthly bank reconciliations? Why or Why not?

Which type of fraud is the bank reconciliation best suited to detect?

Accounting Basics, Accounting

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