Final answer:
Reconciling is necessary even if each transaction is cleared to ensure the accuracy of the financial records.
Step-by-step explanation:
The statement is False. Reconciling is necessary even if each transaction is cleared. Reconciliation is the process of comparing and matching the balances in the accounting records with the actual amounts in the bank statements. It helps to identify any discrepancies or errors that may have occurred and ensure the accuracy of the financial records.
For example, if a check was issued but not yet cleared by the bank, it would still need to be reconciled. Similarly, if there are outstanding deposits or fees that have not been recorded, they would need to be reconciled as well.