0
No, they normally do not match. This is because the company record transaction they receive remittence advice slips but the clearing time means it could be received after the year end.
The company will do a bank reconciliation to identify what transactions are outstanding and how the balance sheet book figures matches to the bank statements.
A company does not show the reconciliations on it's financial statements but will retain it for their use.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Do the cash and bank balance in balance sheet should equal to the cash flow ending balance?
Cash Flow Statement's ending balance should match with the ending balance of cash in the balance sheet that is why cash flow statement is prepared to see the complete information about cash flow during the period if it doesn't match it means something wrong.
How should the heading of a balance sheet appear?
The heading of a balance sheet should have a blue header title.
Why balance sheet should balance?
Beside the fact it's in the name, it follows the accounting formula of assets - liabilities = capital. As all 3 of them make up the major sections of a balance sheet and the formula must balance so too should the balance sheet.
Where should promotional products given to customers be classified in the balance sheet?
They should appear on the Income Statement (NOT the Balance Sheet) as Advertising and Promotion Expenses.
What should rent be classified as on a balance sheet?
Rent is not a balance sheet account, it is an expense, hence an income statement account.
Is the cash balance on the unadjusted trial balance the amount that should normally be reported on the balance sheet?
no
Is Loan on balance sheet or off balance sheet?
Loan is on balance sheet
Difference between on balance sheet financing and off balance sheet financing?
In off-balance sheet financing assets are not shown in balance sheet while in balance sheet financing fixed assets shown in balance sheet.
Fixed assets should initially be recorded on the balance sheet?
Fixed Assets are things of value that are expected to maintain their value to the entity for more than a year. All Assets are Balance Sheet accounts so yes, they should initially be recorded on the Balance sheet.
Is non recourse debt on the balance sheet of the borrower?
It should be.
What accounts are balance sheet accounts?
A balance sheet account is any item that is found on the financial statement known as the balance sheet. The figures reflected on the balance sheet, consist of the ending balance of the balance sheet account. After all the transactions are posted in the individual balance sheet account's "T" account (involving debits and credits), the ending balance is the amount found on the balance sheet.
Grouping and marshalling in balance sheet?
grouping and marshalling in balance sheet grouping and marshalling in balance sheet
