A Benefit of a Company Accounting for Their Documents in a Numerical

question 92

True/False

A benefit of a company accounting for their documents in a numerical sequence is that it is much easier to see if a document or documents are missing.

---

Definitions:

Bank Reconciliation

The process of comparing and aligning a company’s financial records with those shown in its bank statement to ensure accuracy and completeness.

Bank Service Charges

Fees charged by banks for accounts and various banking services, such as monthly maintenance or transaction fees.

NSF Checks

Checks that cannot be processed due to insufficient funds in the account on which they are drawn.

Petty Cash Fund

A minor sum of money maintained in reserve for completing instant transactions for various minor costs.