When reconciling a credit card statement, which of the following should be verified?

When reconciling a credit card statement, it is essential to verify payments and credits, as well as all transactions, because this comprehensive approach ensures that every activity affecting the account is accounted for. This process includes checking individual charges made during the statement period, ensuring that they match the entries recorded in your accounting system, and verifying any payments or credits applied to the account. By confirming all these elements, you can identify discrepancies, such as unauthorized charges or payment errors, which can significantly impact your financial records.

Focusing solely on the total balance, cash advances, or only the last reconciled balance is insufficient for accurate reconciliation. A thorough reconciliation involves more than just summarizing the financials; it requires a detailed review of every transaction and adjustment to maintain accurate and reliable financial records.