It Is Not Necessary for Businesses to Reconcile Their Checking

question 148

True/False

It is not necessary for businesses to reconcile their checking accounts since banks keep accurate records and provide internal control support for cash.

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Definitions:

Bailment

A legal relationship in common law where physical possession of personal property is transferred from one person (the bailor) to another (the bailee) who temporarily holds it under an agreement.

Theater Manager

A professional responsible for overseeing the daily operations of a theater, including scheduling performances, managing staff, and ensuring the theater's financial viability.

Physical Possession

The direct, physical control or holding of an object or property by an individual or entity.

Bill of Lading

A legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being transported.