The Bank Reconciliation Is an Important Part of the System

question 142

True/False

The bank reconciliation is an important part of the system of internal controls.

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Definitions:

Gifts

Voluntary transfers of property or funds from one person to another without any expectation of payment or compensation.

Fraud

Intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Account Receivable

Money owed to a business by its customers for goods or services that have been delivered but not yet paid for.

Fraudulently

Fraudulently involves deceitful conduct or misrepresentation intended to achieve unjust gain or to deprive another of a right.