Financial Accounting Principles: Book-keeping, Journals, Ledgers, and Control Reconciliation Statement
VerifiedAI Summary
This report discusses the concept of bookkeeping and the various business proceedings maintained in the accounting system of an organization. It defines books of prime entry, journals, and ledgers. It also explains the meaning of trial balance and prepares the bank reconciliation statement. Additionally, it defines the role and objective of suspense and control account and shows the comparison between them. Finally, it creates the control reconciliation statement through the assistance of accounts receivable and payable.