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Explain the Reasons Why Control Is Important for Managers

question 9

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explain the reasons why control is important for managers.


Definitions:

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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