Question

 Question 31  

Previous open accounting periods can be reconciled without having to change the current accounting period.

•  True

•  False

 Question 32 

 What visual cues indicate a reconciled bank account? (Select all that apply)

•  Unreconciled Difference equals zero

•  Gold star beside Unreconciled Difference

•  Unreconciled Difference equals GL(System) Balance

•  Green check mark beside Unreconciled Difference

 

Answer 1

Once the accounting period is closed in an ERP application, it cannot be reconciled. But if the accounting period is open it can be reconciled without having to change the current accounting period. The reconciliation of the previous open accounting period does not depend on the current accounting period.

Answer: True

In a reconciled bank account , there cannot be any unreconciled difference. When all the sources of the difference are identified and reconciled with another statement then only the bank account is considered as reconciled. Green check mark beside the unreconciled difference indicates that the amount has been verified.

Answer: Unreconciled difference equal zero

               Green check mark beside unreconciled difference