Answer the following questions. 
Definitions:
Balance Sheet
A report detailing a firm's assets, liabilities, and owners' equity at a particular moment, offering a glimpse into its financial health.
Contra-Asset Account
An account on a company's balance sheet that reduces the value of a related account.
Bank Reconciliations
The process of matching and balancing figures in accounting records with those presented in a bank statement to ensure they are in agreement and accurate.
Outstanding Checks
Checks that have been written and recorded in the accounting books but have not yet been cashed or cleared by the bank.
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