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explain the reasons why control is important for managers.
Reconciled Balance
The balance of an account after adjustments have been made for discrepancies or outstanding items.
Bank Statement
A record provided by a bank detailing all transactions in an account over a specified period.
Checkbook Balance
The total amount of money available in a checking account, as recorded in the checkbook register after accounting for all deposits, checks, and adjustments.
Outstanding Deposits
Deposits that have been made to an account but not yet processed or recorded by the bank.
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