Multiple choice technology packaged enterprise solutions

_________is used to determine whether the bank balances in oracle financials matches wih the balance as per the bank statement

  1. A. Cash Forecasting

  2. B. Auto Reconciliation

  3. C. Bank Reconciliation

  4. D. Remittance
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Bank Reconciliation is the process that verifies internal bank balances in Oracle Financials match the actual bank statement balance. This control detects discrepancies, errors, or timing differences between company records and bank records. Cash Forecasting projects future positions, Auto Reconciliation automates matching, and Remittance handles payment transmissions.

AI explanation

Bank Reconciliation is the specific process used to confirm that the cash balance recorded in Oracle Financials agrees with the balance shown on the actual bank statement, by matching individual transactions. Cash Forecasting instead projects future cash positions, and Remittance deals with collecting receivables, so neither directly verifies balance agreement with the bank.

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