Explain How Checking Accounts, Bank Statements, and a Bank Reconciliation

question 152

Essay

Explain how checking accounts, bank statements, and a bank reconciliation are used to help a company control its cash.

---

Definitions:

Qualitative Variables

Variables that express descriptive or categorical attributes and cannot naturally be represented by a numerical value.

Chi-Square Test

The Chi-Square Test is a statistical test used to determine if there is a significant difference between expected frequencies and observed frequencies in one or more categories.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or to the final calculation of a statistic without violating any constraints.

Contingency Table

A table often used in statistics to display the frequency distribution of variables, helping to analyze the relationship between them.