DBC 2358 - Cutoff Statement

 

The Banking Tutor 

Daily Banking Concept -  2358 

Cutoff Statement 

A cutoff statement is a bank statement used by auditors to verify a company's cash balance at a specific point in time, such as the end of a fiscal year. It's a critical tool for confirming that all transactions recorded in a company's books are accurate, and it helps prevent errors like double-counting or missed transactions. The term can also refer to a "cutoff date," which is the last day to include transactions in a specific financial period.