Name the Major Transaction Cycles

question 76

Essay

Name the major transaction cycles.

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Definitions:

Check Register

A record-keeping tool used to track checks written, deposits made, and the current balance of a checking account.

Bank Statement

A document issued by a bank that summarizes a customer's financial transactions and balance over a specific period.

Service Charge

A fee collected for services provided, often added to bills in restaurants, hotels, or banking services.

Reconciled Balance

The balance of an account after accounting discrepancies have been resolved and all entries have been made.