Examlex
Which of the following statements is correct?
Verification
The process of ensuring the accuracy and validity of data or documents.
Bank Reconciliation
A process that explains the difference between the bank balance shown in a company's bank statement and its financial records.
NSF Check
A check that cannot be processed due to insufficient funds in the account it is drawn on, commonly known as a bounced check.
Outstanding Checks
Checks that have been written and recorded in financial accounts but have not yet been cashed or cleared by the bank.
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