Why Is It So Important to Understand Perception When Looking

question 59

Essay

Why is it so important to understand perception when looking at behavior in business?

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Definitions:

Deposits In Transit

Funds that have been deposited in a bank account but not yet recorded by the bank, leading to a difference between the company's records and the bank statement.

Outstanding Checks

Checks that have been written and recorded in the issuing company's books but have not yet been cleared by the bank.

Outstanding Checks

Checks that have been written and recorded in the issuing party's account but have not yet been cashed or cleared by the bank.

Reconciliation Procedure

A process used to ensure that two sets of records (usually the balances of two accounts) are in agreement, identifying discrepancies and reasons for them.