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When do nature and nurture begin interacting?
Bank Reconciliation
This process ensures that a company's or individual's accounting records (check register) match up with the bank's records, often revealing discrepancies.
Internal Control System
A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Bank Statement
A bank statement is a summary of financial transactions that have occurred over a given period in a bank account, provided by the bank to the account holder.
Account Balance
The amount of money present in an account, representing the net of credits and debits at a particular point in time.
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