Define Truncated

question 4

Short Answer

Define truncated.

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Definitions:

Bank Reconciliation

The process of comparing a company's bank account balance with its financial records to identify discrepancies and ensure accuracy.

Sign Cheques

The action of signing a check as a means of authorizing a bank to transfer funds from the signer's account.

Reconciling Items

Entries that adjust discrepancies between two financial records or accounts, ensuring consistency and accuracy.

Adjusting Journal Entries

Adjusting Journal Entries are made in an accounting system to adjust income and expense accounts so that they reflect the correct values for the accounting period.