Why is a bank reconciliation statement prepared ?

A. to calculate the bank balance for the balance sheet

B. to check the amount owing from debtors

C. to show how much has been paid to creditors

D. to show the amount of petty cash in hand

Which of the following phrases represents credit transfer ?

A. these are fees for bank services

B. it is a system of periodical payments

C. a business may receive into its bank account revenue from a variety of sources without direct knowledge of these

D. it is another name for standing order