ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RECONCILE
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is an unplanned decision to buy a product or service, made just before a purchase.
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is creating or controlling a situation by causing something to happen rather than responding to after the fact.
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is to delay or postpone action; put off doing something.
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is to make your check register consistent with your bank balance, especially by allowing for transactions begun but not yet completed.
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Explanation:
Detailed explanation-1: -Reconciling a bank statement involves comparing the bank’s records of checking account activity with your own records of activity for the same account.
Detailed explanation-2: -Reconciling your bank statements simply means comparing your internal financial records against the records provided to you by your bank. This process is important because it ensures that you can identify any unusual transactions caused by fraud or accounting errors.
Detailed explanation-3: -Reconciliation is the process of comparing transactions and activity to supporting documentation. Further, reconciliation involves resolving any discrepancies that may have been discovered.
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