Identify the frauds or errors, Accounting Basics

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Identify the frauds or errors

Response to the following problem:

An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors.

a. Describe how a bank reconciliation and an online review (or reading) of the bank statement are not equivalent.

b. Identify and explain at least two frauds or errors that would be uncovered through a bank reconciliation and that would not be uncovered through an online review of the bank statement.

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Accounting Basics: Identify the frauds or errors

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